Singapore 'working' with UN on alleged North Korea sanctions breach

The central bank said it and other relevant Singapore agencies have been in "close contact" with the UN and other foreign authorities to help enforce the sanctions.

Published: 13th March 2018 04:17 PM  |   Last Updated: 13th March 2018 04:17 PM   |  A+A-

United Nations (File | AP)


SINGAPORE: Singapore said Tuesday it was "working closely" with the United Nations after a leaked draft report said two local firms sold luxury items to North Korea in violation of UN sanctions.

The UN report, cited by the BBC, alleges that the two Singaporean companies and other firms in Asia had been supplying luxury goods, including wine and spirits, to North Korea until as recently as July 2017, despite the sanctions aimed at forcing Pyongyang to abandon its nuclear weapons programme.

Despite an agreement for a meeting between US President Donald Trump and North Korean leader Kim Jong Un, Washington has called on the UN Security Council to maintain sanctions until there is real progress towards scrapping Pyongyang's nuclear weapons programme.

"We note the mention of certain Singapore individuals and entities in media reports citing the leaked report from the UN Panel of Experts. Singapore is working closely with the UN Panel on these cases," the Monetary Authority of Singapore (MAS) said in a statement sent to AFP on Tuesday.

"Where there is credible information of offences committed by individuals or entities under Singapore law, the Singapore authorities will act expeditiously and undertake investigations."

There was no immediate comment from Singapore's foreign ministry.

MAS, Singapore's central bank and financial regulator, did not name the companies which the UN report said appear to have used the city's financial system to trade with North Korea.

But MAS vowed to take "stern action" on local financial institutions violating the sanctions.

Singapore in November last year suspended all trade ties with North Korea.

"With the tightening of UN sanctions against the DPRK, MAS has stepped up its supervision of financial institutions to focus on the prohibited DPRK-related activities," MAS said, using North Korea's formal name.

"MAS is making a series of onsite supervisory visits to banks that have been identified through intelligence received or through sweeps by MAS of suspicious transactions."

The central bank said it and other relevant Singapore agencies have been in "close contact" with the UN and other foreign authorities to help enforce the sanctions.


Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on are those of the comment writers alone. They do not represent the views or opinions of or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp