The FCPA Blog | By: Richard L. Cassin | GPE – September 07, 2017:
The U.S. Treasury Department’s Office of Foreign Assets Control put more entities and individuals from China, Russia, Singapore and Namibia on the North Korea sanctions list.
Originally published August 22, 2017: OFAC said the blocked companies and people bought coal, minerals or oil from North Korea or supported its weapons programs.
OFAC said four Russian individuals and two Singapore-based companies were designated for their involvement in North Korea’s oil trade.
The Singapore companies tried to use the “U.S. financial system to send millions of dollars in payments on behalf of North Korea-related transactions,” OFAC said.
Treasury Secretary Steve Mnuchin said in a statement Tuesday: “It is unacceptable for individuals and companies in China, Russia, and elsewhere to enable North Korea to generate income used to develop weapons of mass destruction and destabilize the region.”
OFAC also targeted an individual and a company in Namibia for supplying overseas labor to North Korea.
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