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US imposes new N. Korea sanctions on two Chinese-based shipping firms : Treasury Department
Image: The White House Twitter page

US imposes new N. Korea sanctions on two Chinese-based shipping firms : Treasury Department

India Blooms News Service | @indiablooms | 22 Mar 2019, 02:07 am

Washington, Mar 21 (Sputnik/UNI) The United States designated two Chinese-based shipping companies for violating North Korea sanctions, the US Department of the Treasury said in a statement on Thursday.

Dalian Haibo International Freight and Liaoning Danxing International Forwarding have been designated for North Korea sanctions violations, the statement said.
“Today’s action highlights the deceptive methods that the North Korean regime uses to circumvent international and US sanctions, as well as the US Government’s commitment to implement existing UN Security Council (UNSC) resolutions,” the statement said.

The Treasury Department explained in its release that Dalian Haibo violated US sanctions by providing goods and services to North Korea's Paeksol Trading company, while Liaoning Danxing used deceptive shipping practices that enabled North Korean procurement officials based in Europe to operate and purchase goods.

The Treasury Department also updated its February 23, 2018 shipping advisory with new information about what it calls are North Korea's deceptive shipping practices and risk mitigation measures.

The advisory detailed some of North Korea's deceptive shipping practices, including disabling or manipulating automated identification systems; physically altering vessels; conducting ship-to-ship transfers; and falsifying cargo documentation.

Individuals and entities violating the US sanctions will face a monetary penalty of up to $295,411 or twice the value of the underlying transaction, whichever is greater, as well as criminal prosecution, the release said.