OFAC DESIGNATES SHIPPING NETWORK ENGAGED IN SHIP-TO-SHIP TRANSFERS WITH NORTH KOREAN VESSELS

On 30th August, the US Treasury announced designations of 2 individuals and 3 entities, and further identified 1 vessel as blocked property, continuing the implementation and enforcement of existing sanctions.   This action highlights North Korea’s continued use of illicit ship-to-ship (STS) transfers to circumvent UN sanctions that restrict the import of petroleum products, as well as the US Government’s commitment to implement existing UN Security Council Resolutions.  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); and vessel Shang Yuan Bao (IMO: 8126070).

https://home.treasury.gov/news/press-releases/sm762

https://www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/Pages/20190830.aspx

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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