Indonesian company fined $1 million for selling cigarette papers to North Korea
U.S. Treasury fined the paper manufacturer for violating sanctions using 28 separate U.S. dollar wire transfers
An Indonesian paper manufacturer was fined more than $1 million for violating sanctions by selling cigarette papers to North Korea in exchange for U.S. dollar wire payments.
On Thursday, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced that a company called PT Bukit Muria Jaya (BMJ) directed the Chinese intermediary of a North Korean counterpart, Korea Daesong General Trading Corporation, to pay for the cigarette paper in 28 separate wires to BMJ’s U.S.-dollar bank account.
The use of U.S. dollars and thus the U.S. banking system
- 01North Korea’s economy is in a state of catastrophe, but the issue is decades-old
- 02Kim Jong Un’s right-hand man may be leading a new North Korean security council
- 03Japan’s back in the North Korea game, but it faces nearly impossible challenges
- 04Open for business? North Korea can learn a lot from Cuba’s economic reforms
- 05North Korea is fighting to take back control of its economy from the markets
- 06Kim Yo Jong found her own voice, but she’s far from taking North Korea’s throne
- 07North Korea’s tumbling economy hasn’t stopped Kim Jong Un from making more nukes
- 08Kim takes back control of body overseeing party leadership