SINGAPORE: Authorities here have started investigations into the two Singapore-based companies accused of supplying luxury goods to North Korea in violation of United Nations sanctions, said Singapore’s Ministry of Foreign Affairs (MFA) on Wednesday (Mar 14).
“Our authorities have commenced investigations into these companies. However, we are unable to provide additional details as investigations are ongoing,” said an MFA spokesperson in response to Channel NewsAsia’s queries.
With the tightening of UN sanctions against North Korea, Singapore’s central bank too has stepped up supervision of financial institutions (FI).
Said MFA: “Singapore prohibits our financial institutions from providing financial assistance or services for or facilitating any trade with the DPRK, and requires them to remain vigilant against proliferation financing risks.
