Conflict International due diligence

Fines for companies with alleged ties to North Korea

The U.S. Government is seeking fines totalling $11 million from companies they accuse of laundering money for North Korean banks who are the subject of sanctions.

Velmur Management Pte Ltd and Transatlantic Partners Pte Ltd, based in Singapore, as well as Chinese company Dandong Chengtai Trading Co. Ltd are said to have harboured money for banks to trade in petroleum and oil.

The Office of Foreign Assets Control has also imposed a series of new sanctions against a number of other Chinese and Russian companies who they suspect have ties with North Korea.

U.S. Attorney Channing Phillips said in a statement: “These complaints show our determination to stop North Korean sanctioned banks and their foreign financial facilitators from aiding North Korea in illegally accessing the United States financial system to obtain goods and services in the global market place.”

In an era of sometimes complex global trade it is always worth being sure exactly who you’re doing business with. Conflict International can carry out robust due diligence for international transactions to help avoid problems further down the line. Our bespoke services enable our clients to more effectively manage their risks and understand the people and entities with which they are dealing.

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