An executive of one of two Singapore companies named by the US Treasury Department this week for violating sanctions against North Korea said Friday that he was unaware of any such dealings.
The Treasury Department said in a statement Thursday that the companies, commodities trading house Wee Tiong (S) Pte Ltd and ship management services company WT Marine Pte Ltd, engaged in laundering money for North Korea.
Singapore officials had no immediate comment.
The sanctions and charges filed by the Justice Department follow earlier allegations against other Singapore-based companies and highlight concerns over the role the trading hub may play in helping bypass sanctions against North Korea for its nuclear program.
"Singapore has historically been a weak link in the enforcement of UN sanctions against North Korea and a key node in North Korea's smuggling and money laundering operations," said lawyer Joshua Stanton, who helped to draft the North Korea sanctions law.
Wee Tiong and WT Marine Pte share the same director and address and have similar board members, official records show.
Wee Tiong lists its activities as general wholesale trade.
WT Marine describes itself as providing ship management services and operating barges, tugboats and freight "bumboats."
The Justice Department named him in criminal charges for "a multi-year scheme to violate and evade US national security controls."
Disclaimer: No Business Standard Journalist was involved in creation of this content