US imposes North Korea-related sanctions on Singapore firms

[WASHINGTON] The US Treasury Department imposed sanctions on two Singapore-based entities and a man accused of money laundering through the US financial system to evade sanctions against North Korea, the department said in a statement on Thursday.

The United States said the person targeted by sanctions, Tan Wee Beng, a director and shareholder of a Singapore-based commodities trading company, hid the origins of payments and structured transactions to fulfill millions of dollars in North Korean contracts since at least 2011.

The Treasury Department also imposed sanctions on two vessels tied to a company for which Tan is a managing director, and which the United States says engaged in illicit economic activity connected to North Korea.

The US Justice Department unsealed criminal charges against Tan, the Treasury Department said. It was not immediately clear what the charges were. (Reporting by Makini Brice; Editing by Doina Chiacu and Jonathan Oatis)

REUTERS