MOSCOW, August 23 (RAPSI) – The United States is seeking forfeiture of $7 million from Singapore-based Velmur Management Pte. Ltd. for alleged ties with JSC Independent Petroleum Company, or IPC, sanctioned for providing petroleum products to North Korea.
Velmur Management alongside several Russian nationals was sanctioned as well on Tuesday by the U.S. Treasury for supporting Pyongyang's weapons programs.
The Justice Department's complaint alleges that based on an FBI investigation North Korean banks acted through front companies, including Velmur Management, in order to access the U.S. financial system and evade the U.S. sanctions.
“Financial records reveal that numerous front companies sent wires to Velmur. In turn, Velmur would wire funds to IPC. Thus, the investigation concluded that the payments… were illicit U.S. dollar transactions to fund the importation of gasoil that supported the government of North Korea,” reads the complaint.
As it was established with assistance of the FBI transfers were made via Velmur Management and Transatlantic Partners Pte. Ltd., another sanctioned Singapore-based company, in violation of the International Emergency Economic Powers Act (IEEPA), the prohibitions of the North Korea Sanctions and Policy Enhancement Act of 2016 (NKSPEA), and the federal money laundering statute, the document alleges.
Neither Velmur Management, nor Transatlantic Partners have reacted to the move as yet.