An Alaska man accused of laundering $1 billion held in South Korea for Iran funneled nearly all the money through the United Arab Emirates, U.S. federal court documents released early Thursday show.
The court documents, filed as part of a U.S. asset seizure effort, shed further light on how Kenneth Zong allegedly created fake invoices to help Iran draw cash held by South Korea in lieu of payment for oil shipments.
It also renewed questions about financial transparency in the UAE, as the order sought to seize $20 million held by one of the country's seven emirates.