Summary:
The US government brought a default judgment motion against nearly US $7 million of funds impounded from a Singaporean company that acted as a front for North Korea to import fuel from Russia, with funds transferred through US banks. The government sought forfeiture pursuant to Rule G of the Supplemental Rules for Admirality or Maritime Claims.
The court granted the turnover of funds, and in addition entered a judgment against the Singaporean company in the amount of approximately US $13 million.
Takeaway:
Sanctions are the new frontier in white collar defense! This one just hits all the right buttons for me: North Korea, a money laundering operation with a front company, an in rem caption and admiralty law.
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