Singapore-based firms used to launder money, provide oil to North Korea: US officials

SINGAPORE (Aug 23): Two Singapore-based firms are among more than a dozen individuals and companies that have been added to the US Treasury’s roster of blacklisted North Korea-related entities.

Velmur Management and Transatlantic Partners are alleged to have laundered US dollars for sanctioned North Korean banks, US prosecutors say in lawsuits filed in Washington on Tuesday.

Authorities say this was to aid the North Korean banks in buying petroleum products from JSC Independent Petroleum Company, a blacklisted entity based in Russia.

---

Related Stories

• Yellen says US-China ties on 'surer footing' after trip
• Yellen warns Congress Treasury may run out of cash as soon as June
• South Korea's prospects matter to our region

---