The British banker Nigel Cowie, who lived in North Korea for over two decades, allegedly set up an offshore company used by Pyongyang to expand its nuclear weapons program and sell arms. News of his involvement came to light following Sunday’s leak of the Panama Papers, which have shed light on global offshore finance arrangements. Cowie moved to North Korea in 1995, rising to become head of Daedong Credit Bank (DCB), the country’s first foreign bank, the Guardian reports . In 2006, he led a group of investors that bought a 70 percent stake in the bank. That same year, Cowie registered an offshoot of DCB in the British Virgin Islands, which law firm Mossack Fonseca— whose clients make up the ...
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