OFAC Announces North Korea-Related Sanctions
The Treasury’s Office of Foreign Assets Control designated two people and three entities under its North Korean sanctions regulations and added a ship to its Specially Designated Nationals List, Treasury said in an Aug. 30 press release. OFAC designated Taiwan-based Huang Wang Ken and Chen Mei Hsiang and Taiwan-based companies Jui Pang Shipping Co Ltd (Jui Pang) and Jui Zong Ship Management Co Ltd (Jui Zong). OFAC also sanctioned Hong Kong-based Jui Cheng Shipping Company Limited and added Shang Yuan Bao, a ship, to its SDN List.
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Shang Yuan Bao, a Panama-flagged vessel, conducted at least two illegal ship-to-ship transfers with North Korea-flagged vessels in 2018, Treasury said, and both North Korean ships transported the cargo to North Korea’s Nampo port. Huang, the CEO of Jui Zong, worked with others to use Shang Yuan Bao to transfer 1.7 million liters of petroleum products to Paek Ma, a U.N. and U.S.-sanctioned North Korean ship, the press release said, but told authorities the products were destined for the Philippines. In a second instance, Shang Yuan Bao transferred petroleum products to Myong Ryu 1, also a North Korean ship.
Treasury said the people who owned and controlled Shang Yuan Bao at the time of the transfers “are ultimately responsible for the petroleum products that were illicitly transferred.” That includes Huang and Chen, a member of the board of directors for Jui Pang and director and owner of Jui Zong. OFAC sanctioned Jui Pang, Jui Zong and Jui Cheng for “engaging in a significant importation from or exportation to” North Korea, Treasury said.
Shang Yuan Bao was previously sanctioned by the United Nations Security Council in 2018 for its involvement in illegal ship-to-ship transfers with North Korea-flagged vessels, Treasury said.