Arab Press

بالشعب و للشعب
Tuesday, Mar 17, 2026

Secret documents show how North Korea launders money through U.S. banks

Secret documents show how North Korea launders money through U.S. banks

North Korea carried out an elaborate money laundering scheme for years using a string of shell companies and help from Chinese companies, moving money through prominent banks in New York, according to confidential bank documents reviewed by NBC News.
Wire transfers from North Korean-linked companies with opaque ownership sometimes came in bursts, only days or hours apart, and the amounts that were transferred were in round figures with no clear commercial reasons for the transactions, according to the documents.

Graham Barrow, a London-based anti-money laundering expert, said those kinds of transactions are “red flags” and are all hallmarks of efforts to conceal the origins of illicit cash.

A trove of confidential bank documents reviewed by NBC News offers a rare glimpse into how North Korea — and other rogue actors — move illicit cash across borders despite international sanctions to block Pyongyang’s access to the global financial system. The suspected laundering by North Korea-linked organizations amounted to more than $174.8 million over several years, with transactions cleared through U.S. banks, including JPMorgan Chase and the Bank of New York Mellon, according to the documents.

“Taken as a whole, you have what really, frankly, looks like a concerted attack by the North Koreans to access the U.S. financial system over an extended period of time through multiple different avenues in ways that were fairly sophisticated,” said Eric Lorber, a former Treasury Department official who worked on North Korean sanctions during the Trump administration.

The leaked documents are part of the FinCEN Files, a collaborative project with the International Consortium of Investigative Journalists, BuzzFeed News, NBC News and more than 400 other journalists around the world. The project examined a cache of secret suspicious activity reports filed by banks with the Treasury Department’s Financial Crimes Enforcement Network, known as FinCEN, as well as other investigative documents. The leaked documents were obtained by BuzzFeed.

As NBC News and other media organizations prepared to publish stories based on the leaked documents, FinCEN announced plans Wednesday for a major overhaul of the nation’s anti-money laundering rules.

Suspicious activity reports, or SARs, are filed by banks and other financial institutions to alert law enforcement to potentially illegal transactions, but they do not necessarily represent evidence of legal wrongdoing. The reports are highly confidential and closely guarded by both banks and U.S. authorities.

FinCEN condemned the leak of the documents, declined to comment on the content of the suspicious activity reports and said it had referred the matter to the Justice Department and the Treasury’s inspector general.

“As FinCEN has stated previously, the unauthorized disclosure of SARs is a crime that can impact the national security of the United States, compromise law enforcement investigations, and threaten the safety and security of the institutions and individuals who file such reports,” the department said.

The documents cover a period mainly from 2008 to 2017, during which both the Obama and Trump administrations steadily tightened sanctions against North Korea to try to prevent the regime from building up its nuclear weapons and ballistic missile arsenal. The sanctions in part are meant to block the regime’s attempts to buy or sell material for its weapons programs and to secure hard currency. But the records convey a cat-and-mouse game in which North Korea — often with the help of Chinese companies — found ways to slip under the radar, experts said.

“The documents you have in front of you, I think, help explain why the North Koreans have been so successful at sanction evasion,” said Hugh Griffiths, who served as head of a U.N. Panel of Experts until last year tracking sanctions-busting by Pyongyang. “What you have is gold dust, because so few journalists, or investigators generally, get access to banking internal compliance documentation.”

The leaked records underscore the enormous difficulties the U.S. and other countries face trying to block North Korea and other money launderers from penetrating the world’s financial markets, Griffiths said.

In one case, the bank documents convey in unprecedented detail how the chief of a company in Dandong, a Chinese city on the North Korea border, apparently laundered money even as she made no secret of her business dealings with the North.

U.S. authorities in 2016 and 2019 indicted the woman, Ma Xiaohong, her company, Dandong Hongxiang Industrial Development Corp., and other executives in the company on charges of money laundering and helping North Korea evade international sanctions.

No one has been extradited, and charges remain pending. Federal prosecutors declined to comment.

One of the internal bank documents appears to have been written because of the federal investigation.

Before the indictments, Ma and Dandong Hongxiang routed money to North Korea through China, Singapore, Cambodia, the U.S. and elsewhere, using an array of shell companies to move tens of millions of dollars through U.S. banks in New York, according to the suspicious activity report filed by the Bank of New York Mellon.

According to the document, the bank reported in 2015 that it handled suspicious transfers of $85.6 million, and the document details $20.1 million of those transactions. The bank wrote that it was prompted to comb through its records because of a “government inquiry.”
Newsletter

Related Articles

Arab Press
0:00
0:00
Close
Saudi Arabia Targets South African Professionals in New Recruitment Drive Amid Regional Uncertainty
Formula One Faces Major Financial Hit as Bahrain and Saudi Arabian Grands Prix Cancelled Amid Middle East Conflict
U.S. and Saudi Firms Launch Local Production of Attritable Drone Systems in Saudi Arabia
Saudi Arabia and UAE Warn Rising Gulf Tensions Could Endanger Regional Security
Saudi Arabia Rejects Claims It Encouraged Prolonged War With Iran
Saudi Arabia to Host World’s Largest Single-Cell Protein Plant as Food Security Push Accelerates
Saudi Crown Prince Urges Trump to Continue Military Pressure on Iran
Iran Intensifies Drone Campaign Against Saudi Arabia as Gulf Conflict Escalates
When Is Eid al-Fitr 2026? Saudi Arabia Awaits Moon Sighting to Confirm End of Ramadan
When Is Eid al-Fitr 2026? Saudi Arabia Awaits Moon Sighting to Confirm End of Ramadan
Iranian Missile Strike Damages Five U.S. Refueling Aircraft at Saudi Air Base
Iranian Missile Strike Damages Five U.S. Refueling Aircraft at Saudi Air Base
Washington State Pilot Among Six U.S. Airmen Killed in Military Aircraft Crash Over Iraq
Severe Storm Threat Looms Over Washington as Tornado Risk and Damaging Winds Target Mid-Atlantic
Trump Supports FCC Warning to Broadcasters Over Iran War Reporting
Trump Supports FCC Warning to Broadcasters Over Iran War Reporting
Saudi Stocks Edge Lower as Tadawul All Share Index Slips Slightly at Market Close
Iranian Missile and Drone Strike Targets Saudi Arabia’s Prince Sultan Air Base Hosting US Aircraft
Saudi Air Defenses Intercept Drone Over Eastern Province as Iranian Strike Campaign Intensifies
Middle East War Reshapes Gulf Economies as Saudi Arabia and Oman Gain Strategic Leverage While UAE Faces Economic Shock
Iranian Ambassador in Riyadh Blames ‘Enemies’ for Attacks Across the Gulf
Israeli Envoy Ron Dermer Reportedly Visits Saudi Arabia for Discussions on Potential Lebanon Talks
Formula One Cancels Bahrain and Saudi Arabian Grands Prix Scheduled for April
Iran’s Ambassador in Riyadh Rejects Claims Tehran Targeted Saudi Oil Facilities
Saudi Arabia Declares 2026 ‘Year of Artificial Intelligence’ in Major Push for Data-Driven Economy
Saudi Arabia’s 2018 Budget Signals Strong Push for Non-Oil Economic Growth
Pakistan Envoy in Riyadh Says Regional Diplomacy Intensifying to Prevent Wider Middle East War
Saudi Arabia Intercepts Dozens of Drones as Regional Strikes Kill Two in Oman
Saudi Arabia Redirects Oil Exports to Red Sea Ports as Strait of Hormuz Tensions Escalate
Saudi Arabia Intercepts Missile and Drone Barrage as Regional Conflict Intensifies
Iran Expands Drone and Missile Campaign Across Gulf as Conflict With US and Israel Intensifies
Muslims Worldwide Await Saudi Moon Sighting to Confirm Eid al-Fitr 2026 Date
F1 Calendar Faces Major Disruption as Middle East Conflict Threatens Bahrain and Saudi Races
Trump Says Most US Aircraft Hit in Saudi Base Attack Suffered Minimal Damage
Trump Says Most US Aircraft Hit in Saudi Base Attack Suffered Minimal Damage
Strait of Hormuz Crisis Forces Saudi Arabia Into Major Oil Production Shut-In
Strait of Hormuz Crisis Forces Saudi Arabia Into Major Oil Production Shut-In
Saudi Arabia Slashes Oil Output as Strait of Hormuz Crisis Cuts Deep Into Gulf Revenues
Saudi Arabia’s Cultural Scene Presses Ahead as Nation Navigates Regional War
Saudi-Pakistan Defence Pact Faces Real-World Constraints as Iran War Escalates
Saudi Arabia Offers Two Million Barrels of Crude From Red Sea as War Disrupts Gulf Exports
Formula One Faces Tens of Millions in Lost Revenue if Bahrain and Saudi Arabia Races Are Cancelled
Formula One Set to Cancel Bahrain and Saudi Arabian Grands Prix Amid Escalating Middle East War
Saudi Arabia Downs Dozens of Iranian Drones in Major Defensive Operation
Saudi Arabia Cuts Oil Output by About Twenty Percent as Iran War Disrupts Gulf Energy Flows
Formula One Set to Cancel Bahrain and Saudi Arabian Grands Prix Amid Escalating Iran War
Asian Energy Security Tested as Strait of Hormuz Disruption Threatens Oil Supplies
Iran Sets Three Conditions for Ending Regional War as Diplomatic Efforts Intensify
Saudi Arabia Launches Royal Institute of Anthropology to Examine Social Transformation
Pakistan’s Prime Minister Shehbaz Sharif Arrives in Saudi Arabia for High-Level Talks
×