1977-02-14

51 Siang Kuang Avenue, Singapore

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today announced North Korea-related designations of two entities and one individual, continuing the implementation of existing sanctions.  In a related action, today the U.S. Department of Justice unsealed criminal charges against the same individual, Tan Wee Beng. OFAC designated Singapore-based Tan Wee Beng, Wee Tiong (S) Pte Ltd, and WT Marine Pte Ltd pursuant to E.O. 13551 for having, directly or indirectly, engaged in money laundering, the counterfeiting of goods or currency, bulk cash smuggling, narcotics trafficking, or other illicit economic activity that involves or supports the Government of North Korea or any senior official thereof.  Tan Wee Beng is a director and significant shareholder of Wee Tiong (S) Pte Ltd, a Singapore-based commodities trading company.  Over several years, dating back to at least 2011, Tan Wee Beng and at least one other individual in his company fulfilled millions of dollars in commodities contracts for North Korea.  To do so, Tan Wee Beng made a concerted effort to obfuscate payment origins and structure transactions to avoid regulatory scrutiny.  Tan Wee Beng and his co-conspirators also knew of and took efforts to evade financial sanctions on North Korea.  In at least one instance, when a wire payment was rejected, Tan Wee Beng and Wee Tiong (S) Pte Ltd orchestrated payment in bulk cash, hand-delivered to a North Korean.

https://home.treasury.gov/news/press-releases/sm533

2018-10-25

US

North Korea Sanctions Regulations, 31 C.F.R. part 510; Executive Order 13551 Blocking Property of Certain Persons With Respect to North Korea

OFAC country specific / UN

Democratic People's Republic of Korea

Blocking Property, Suspending Entry, Trade sanctions

• https://ofac.treasury.gov/faqs/topic/1556 460. Can U.S. persons do business with entities in North Korea? No. Unless authorized pursuant to a general or specific license from OFAC and/or BIS, Executive Order (E.O.) 13722 prohibits new investment in North Korea by a U.S. person and the exportation or reexportation, from the United States, or by a U.S. person, of any goods, services, or technology to North Korea. E.O. 13810 (“Imposing Additional Sanctions with Respect to North Korea”) does not modify any of those prohibitions.

On November 4, 2010, OFAC issued the North Korea Sanctions Regulations, 31 C.F.R. part 510 (the NKSR), to implement E.O. 13466 and E.O. 13551. On June 20, 2011, OFAC amended the NKSR to implement E.O. 13570. Also on June 20, 2011, pursuant to Proclamation 8271, OFAC removed parts 500 (the Foreign Assets Control Regulations) and 505 (the Transaction Control Regulations) from 31 C.F.R. chapter V. The NKSR replace the Foreign Assets Control Regulations, to the extent they pertained to North Korea. On August 30, 2010, the President issued E.O. 13551 pursuant to, inter alia, IEEPA, the NEA, and the United Nations Participation Act (22 U.S.C. § 287c) (the UNPA), expanding the scope of the national emergency declared in E.O. 13466 and providing for the blocking of property and interests in property of certain persons with respect to North Korea.

SDN