Financial Times | July 08, 2017:
Seizure warrants are latest attempt to put financial squeeze on Pyongyang.
Eight of the world’s biggest banks have been pulled into the US government’s efforts to isolate North Korea after officials secured warrants to seize funds that could have ties to the country.
A federal court in Washington has granted prosecutors’ applications for so-called “damming seizure warrants” involving the eight banks as authorities open a new legal front in their effort to put a financial squeeze on Pyongyang.
Prosecutors claim the banks have processed more than $700m of “prohibited” transactions “with a set of entities with links to North Korea”, according to the filings, dated May but unsealed this week.
Damming warrants put a “metaphorical dam” at the institutions to catch all relevant funds from entering or leaving, according to the filing, citing the US government.
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