US extends North Korea sanctions on Hong Kong, Taiwanese individuals, entities
- United States
The United States has extended North Korea sanctions on Hong Kong and Taiwan based individuals, entities, and vessel.
The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced today that it has imposed sanctions on two individuals, three entities, and one vessel in continuing the implementation and enforcement of existing North Korea-related sanctions.
OFAC designated Taiwan-based individuals Huang Wang Ken and Chen Mei Hsiang and the Taiwan-based entities Jui Pang Shipping Co Ltd (Jui Pang) and Jui Zong Ship Management Co Ltd (Jui Zong), as well as Hong Kong-based entity Jui Cheng Shipping Company Limited (Jui Cheng) for having engaged in at least one significant importation from or exportation to North Korea of any goods, services, or technology.
In addition, OFAC identified the vessel Shang Yuan Bao (IMO: 8126070) as blocked property in which Huang Wang Ken, Chen Mei Hsiang, Jui Pang, Jui Cheng, and Jui Zong all have an interest.
In October 2018, the UN Security Council’s 1718 Committee included the Shang Yuan Bao in a port entry ban and designated it for defragging in response to its involvement in illicit ship-to-ship transfers with North Korea-flagged vessels.
The decision has come as a result of North Korea’s continued use of illicit ship-to-ship (STS) transfers to circumvent United Nations (UN) sanctions that restrict the import of petroleum products. At the same time, it also highlights the US Government’s commitment to implement existing UN Security Council Resolutions (UNSCRs).
Treasury Under Secretary Sigal Mandelker said, “Treasury will implement and enforce existing US and UN sanctions on individuals, entities, and vessels involved in illicit ship-to-ship transfers with North Korean flagged vessels."
“Shipping companies trading with North Korea are exposing themselves to significant sanctions risk, despite the deceptive practices they try to employ,” he further added.