OFAC has designated Dandong Hongxiang Industrial Development Company (DHID), a Chinese firm, and 4 of its senior employees under its WMD-proliferation sanctions for allegedly providing support to designated North Korean firm KKBC. DHID is said to have used a network of front companies, financial facilitators, and trade representatives to facilitate transactions on behalf of KKBC, which was designated for supporting entities allegedly involved in North Korea’s WMD and missile programmes.
In the US Treasury’s press release, Acting Under Secretary for Terrorism and Financial Intelligence Adam Szubin said that “DHID and its employees sought to evade US and UN sanctions, facilitating access to the US financial system by a designated entity”. Alongside OFAC’s designations, the Department of Justice has unsealed criminal charges against DHID and the 4 designated employees, and issued civil forfeiture action for all funds in the 25 bank accounts owned by DHID.
Michael was called to the Bar in 1992 and prior to joining Peters & Peters was a senior specialist prosecutor at the Crown Prosecution Service Headquarters (CPS). He was a key member of a small specialist unit responsible for the prosecution of serious and high-profile fraud, terrorist,...See profile for Michael O'Kane >