Summary:
The Department of Justice filed the in rem forfeiture action against certain funds associated with Mingzheng International Trading, which is alleged to be a front company that North Korea's Foreign Trade Bank used in Shenyang, China to launder money. With the laundered money, Mingzheng allegedly entered into a number of illegal transactions with other sanctioned entities, including the Chinese telecom company ZTE.
The magistrate judge recommended the default judgment be granted and forfeiture authorized.
Takeaway:
As we are entering the age of tensions with China and North Korea, doing law with Asian parties increasingly means being familiar with sanctions scheme and the consequences of violating sanctions.
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