Namibian bank used to launder North Korean money
By Eliaser Ndeyanale and Patience Nyangove
A Namibian commercial bank was allegedly used by North Korea to launder undisclosed amounts of money, by using a diplomat stationed at its embassy in South Africa, who has links to the Korea Mining Development Corporation (KOMID), a United Nations report has revealed.
The 111-page mid-term report, by a UN panel of experts, details new ways that North Korea skirts sanctions, including through violations of an arms embargo, “particularly in Africa and the Middle East”.
The Namibian bank was not named in the report.
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