WASHINGTON — Homeland Security Investigations (HSI) joined the American Institute in Taiwan and Taiwan’s Ministry of Justice Oct. 17 at a press conference in Taipei, Taiwan, to announce the transfer of $7 million to Taiwan — the latest result of a long-term, trade-based money laundering investigation dubbed “Fashion Police.”
“Today, we acknowledge a historic asset-sharing that will see $7 million in criminally derived currency transferred from the U.S. government to Taiwan authorities,” said HSI Los Angeles Special Agent in Charge Eddy Wang. “This is a significant milestone stemming from this long-term trade-based money laundering investigation led by HSI Los Angeles.”
In November 2011, HSI Los Angeles opened an investigation focused on Iyun “Nancy” Yih and her business, LA IDOL. Through extensive investigative efforts, HSI identified substantial banking activities that deviated from normal business practices, unveiling a complex web of trade-based money laundering schemes.
HSI’s coordinated efforts during the investigation led to seizures in Sept. 2014 of nearly $15 million in bank accounts and high-end jewelry, and subsequent freezing of $15.6 million contained in a Taiwanese bank account belonging to Yih in 2015, which was subsequently repatriated to Taiwan in 2022. Through a mutual legal assistance agreement, the U.S. Department of Justice’s Office of International Affairs and HSI worked with Taiwan’s Ministry of Justice and coordinated the unprecedented asset-sharing to transfer $7 million of Yih’s proceeds to Taiwan officials, representing about half of the $15.6 million after deduction of relevant fees.
“We extend our deepest gratitude to American Institute in Taiwan Director Greene and Taiwan Minister Cheng of the Ministry of Justice, for their unwavering commitment and dedication throughout this process,” said HSI Taipei Supervisory Special Agent Brian Sherota during a press conference. “Their collaboration, along with significant assistance from HSI Hong Kong and HSI Taipei, has made this moment possible.”
HSI regularly engages in international collaboration in conducting cross-border financial criminal investigations and disrupting illicit financial networks that facilitate transnational crime.
