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 scale of the transfer is what’s most alarming, prosecutors are saying. It’s not yet clear whether the money was to be used to bolster Iran’s nuclear program, Reuters reported.
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 cchumley@washingtontimes.com.
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