Watch Newsy On TV

US Imposes New Sanctions On Entities Supporting North Korea

SMS
US Imposes New Sanctions On Entities Supporting North Korea
The U.S. Treasury Department announced the sanctions on two companies and one person accused of laundering money on behalf of North Korea.
SHOW TRANSCRIPT

The U.S. imposed new sanctions on two companies and an individual accused of supporting Kim Jong-un's regime.

The U.S. Treasury Department announced the sanctions Thursday. Treasury Secretary Steven Mnuchin says Tan Wee Beng, the director and shareholder of a Singapore-based commodities trading company, conspired with two companies in Singapore to launder money through the U.S. on behalf of North Korea.

The department says the money laundering has been going on since at least 2011. It accused Tan and a co-conspirator of fulfilling "millions of dollars in commodities contracts for North Korea."

The move is continued proof that the U.S. is strongly maintaining pressure on North Korea to denuclearize. The department says the U.S. "will not hesitate to impose sanctions on any individual, entity, or vessel supporting North Korea’s illicit activities, regardless of nationality."