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South Korean prosecutors have detained and charged a Korean American with the illegal transfer of a staggering 1.09 trillion won ($1.02 billion) in Iranian money frozen in South Korea under international sanctions, the lawyers said on Friday.
What was not immediately clear was whether this was an attempt to break sanctions targeting Iran's controversial nuclear programme, or whether this was just a criminal scam, albeit a very large one. A prosecutor with direct knowledge of the case declined to comment on whether the transfers violated the sanctions
IBK had received a payment order from the Iranian central bank, the bank and prosecutors said. It believed the order to be authentic because Chung had attached authorisation from the Bank of Korea and a government agency that tracks exports of goods to countries under international sanctions, the prosecution said.