South Korean legal authorities have arrested a Korean-American on charges related to the illegal transfer of $1.09 trillion in Iran funds that had been frozen due to international sanctions.
The suspect, a 73-year-old unnamed man, began the alleged fraudulent transfers in 2011, authorities said, in a Reuters report.
The suspect had contacts in Iran and in the United Arab Emirates, and was alleged to have moved the money from a South Korean bank using fake invoices into third-country accounts.
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Cheryl Chumley is a continuous news writer for The Washington Times. Previously, she was part of the start-up team for The Washington Times’ digital aggregation product, Times247. She’s also a 2008-2009 Robert Novak journalism fellow with The Phillips Foundation. She can be reached at firstname.lastname@example.org.
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