Sanctions Busting

 

By Scott Morgan

One has to admire the creativity that North Korea often uses to circumvent the Sanctions regimes that have been imposed by the United Nations, the European Union and the United States to curtail their illicit efforts to fund their regime. 

Pyongyang realizes that the Dollar is still king when it pertains to the current global Economic Climate. The problem that they have is how can they get access to the International Financial System so they can acquire the Greenback? They are realizing that counterfeiting them can only yield sporadic results. The other issue is that this criminal enterprise will garner the attention of the United States as well. 

An often used adage states For every problem there is a solution. The problem of lack of foreign currency could be resolved by finding a partner that would be sympathetic to North Korea for being sanctioned by the International Community, at large. Where could such a potential ally be found? The answer to that question is not a major stretch of the imagination.

When it comes to Sanctions busting, Pyongyang has always found willing partners in Africa. On several occassions the UN Panel of Experts have documented how in the past North Korea has provided Military Equipment to several African States to violate the Arms Embargo. In very few cases was any action taken against these states. 

So, now it has come to light that two gentlemen from North Korea had set up shop in the Democratic Republic of the Congo in 2018. The Company that was set up Congo Aconde was able to erect two statues in a remote province in the DRC.  What is interesting is that the company was able to set up an account that used the US Dollar as the denomination with the Congolese branch of Afriland Bank which is based in Cameroon. The bank has operated in the DRC since 2007. This account allowed the company to move funds internationlly through BMCE Bank International.

Current Congolese regulations require that transfers over $10,000 need the proper licenses and trade documentation. This may seem like a small amount to conduct business with, however if the goal of providing access for North Korea to the International Banking System is the actual goal then the amount can be seen as a mere operational fund. 

It is clear that the Government of Former President Joseph Kablia interacted with this company. During the most recent Presidential Campaign in the DRC it was documented that the Candidate of the Kabila Coaliton did meet with some of the company staff. It is not known what relationship the current Government of Felix Tshisekedi has with this firm. It is believed that the firm found a kindred spirit with Kabila due to the sanctions levied against members of the DRC Security Forces. 

This situation shows the frailty of the Congolese Banking System. IF North Korea has found an access point to conduct business what is to keep other Sanctioned Nations, Groups and Individuals from doing the same? 

This does not bode well for the financial stability of the DRC and can cause some geopolitical problems as well...

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