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South Korea says $1bn transferred illegally back to Iran
- Iran: Sunday, January 27 - 2013 at 05:08
A Korean-American have been arrested by South Korean legal authorities on charges related to the illegal transfer of $1.02bn in Iran funds that had been frozen due to international sanctions, Reuters has reported. The suspect was charged with making fraudulent transfers in 2011 from the Iranian central bank's won-denominated account at a South Korean bank by using fake invoices for payment. "This is a criminal case perpetrated by an individual to circumvent the Korea-Iran won transaction system and the Bank of Korea's approval system," the prosecutors' office said. However, prosecutors couldn't track down who placed the order from Iran because South Korea does not have an agreement with Tehran to cooperate on criminal cases.
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