US adopts new sanctions against companies involved with North Korea

Two Singapore-based companies and one individual have been targeted in Washington for money laundering in an attempt to circumvent US sanctions in support of the North Korean government, the US Department of Treasury's Foreign Assets Control Department ( OFAC) in a press release on Thursday.

"OFAC considered Tan Wee Beng, Wee Tiong (S) Pte Ltd and WT Marine Pte Ltd, based in Siangapura, as objects of article 13551 for having directly or indirectly engaged in money laundering, forgery of goods or currency, drug trafficking, or other illicit economic activity involving or supporting the North Korean government or any [Pyongyang] high-level authority, "the statement said.

In addition, the Treasury Department has placed on the sanctions list the two ships linked to the WT Marine company and operating under the Singapore flag.


The United States has been imposing sanctions over recent months on a number of companies around the world collaborating with North Korea. The country suffers a heavy trade embargo imposed by Washington. According to the US, this is the most efficient way to make Pyongyang abandon its nuclear weapons program.