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Preventing Prohibited Trade With North Korea | CNBC
Posted
May 11, 2018
Views
490
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May 11, 2018
490
6
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1:37Now PlayingPower Lunch's Michelle Caruso-Cabrera speaks with Trafigura's Ben Luckock about the trading company's collaboration with the United Nations to crack down on illicit ship-to-ship transfers with North Korean vessels.
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Preventing Prohibited Trade With North Korea | CNBC
The United Nations is tapping private companies to aid in its fight against North Korea's efforts to evade trade sanctions at sea.
A panel of experts from the UN Security Council is asking that insurers and commodity traders involved with certain trading ships alter their contracts to prevent illicit trades with North Korea.
The UN has ratcheted up sanctions on Kim Jong Un's rogue regime in response to its nuclear tests in recent years. In 2017, the intergovernmental body banned all North Korean exports of coal and limited imports of crude oil and petroleum products, among other punitive trade rules.
But the UN says North Koreans have found ways around the sanctions, behaving at times like "pirates" and making trades on the high seas of sanctioned goods worth hundreds of millions of dollars since January 2017.
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