A North Korean company showcase among customers Mossack Fonseca
A North Korean company showcase, which was used to finance the nuclear program of Pyongyang is among clients of the law firm Mossack Fonseca Panama, which is at the heart of a huge scandal fraud.
Among the approximately 11.5 million documents studied by the International Partnership for Researchers Journalists (ICIJ), some concern DCB Finance company: which is based in Pyongyang.
This was registered in the British Virgin Islands in 2006 and was legally established by Mossack Fonseca, wrote the British newspaper Guardian and British BBC.Ekeini network year North Korea made its first nuclear test, which cost her the first sanctions UN Security Council.
The DCB Finance was registered by a North Korean citizen, Kim Sol-Sam and Nigel Kawa, a British banker was installed in North Korea in 1995. He then conducted the first foreign bank in North Korea, Daedong Credit Bank, the whose DCB Finance was a subsidiary.
The documents show that despite its headquarters in Pyongyang, the Mossack Fonseca had highlighted the relationship DCB Finance with North Korea before 2010, the year in which the financial police department of the British Virgin Islands had sent a letter to the which it requested information about the company. Only then Mossack Fonseca stopped representing DCB Finance.
In 2011 the Kawa, who states that he did not know for fraudulent transactions, had resold its share of the Daedong Credit Bank in a Chinese consortium, according to the Athens Press Agency.
This bank, like the DCB Finance and Kim Sol-Sam, were among those which were imposed by the June 2013 sanctions by the US, which they suspect them that since 2006 provided financial services to two North Korean entities played a "central role" in the development of its nuclear and ballistic North Korean program.
According to the US Treasury, the DCB Finance served to "make international financial transactions so as to escape the attention of financial institutions seeking to avoid to do business with North Korea."
Indeed to email compliance with service regulations Mossack Fonseca August 2013 seems to be recognized that the law firm could have shown greater attention.
"We still consider the reasons why we have maintained a relationship with the DCB Finance hour we knew, or ought to know (...) that the country, North Korea, was blacklisted. We should know by the beginning that it was a high-risk company, "stated in the email.
A North Korean company showcase, which was used to finance the nuclear program of Pyongyang is among clients of the law firm Mossack Fonseca Panama, which is at the heart of a huge scandal fraud.
Among the approximately 11.5 million documents studied by the International Partnership for Researchers Journalists (ICIJ), some concern DCB Finance company: which is based in Pyongyang.
This was registered in the British Virgin Islands in 2006 and was legally established by Mossack Fonseca, wrote the British newspaper Guardian and British BBC.Ekeini network year North Korea made its first nuclear test, which cost her the first sanctions UN Security Council.
The DCB Finance was registered by a North Korean citizen, Kim Sol-Sam and Nigel Kawa, a British banker was installed in North Korea in 1995. He then conducted the first foreign bank in North Korea, Daedong Credit Bank, the whose DCB Finance was a subsidiary.
The documents show that despite its headquarters in Pyongyang, the Mossack Fonseca had highlighted the relationship DCB Finance with North Korea before 2010, the year in which the financial police department of the British Virgin Islands had sent a letter to the which it requested information about the company. Only then Mossack Fonseca stopped representing DCB Finance.
In 2011 the Kawa, who states that he did not know for fraudulent transactions, had resold its share of the Daedong Credit Bank in a Chinese consortium, according to the Athens Press Agency.
This bank, like the DCB Finance and Kim Sol-Sam, were among those which were imposed by the June 2013 sanctions by the US, which they suspect them that since 2006 provided financial services to two North Korean entities played a "central role" in the development of its nuclear and ballistic North Korean program.
According to the US Treasury, the DCB Finance served to "make international financial transactions so as to escape the attention of financial institutions seeking to avoid to do business with North Korea."
Indeed to email compliance with service regulations Mossack Fonseca August 2013 seems to be recognized that the law firm could have shown greater attention.
"We still consider the reasons why we have maintained a relationship with the DCB Finance hour we knew, or ought to know (...) that the country, North Korea, was blacklisted. We should know by the beginning that it was a high-risk company, "stated in the email.
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