Washington, Apr 25 (AP) A British tobacco company has agreed to a $629 million settlement to resolve allegations that it did illegal business with North Korea in violation of U.S. sanctions, the Justice Department said Tuesday.

British American Tobacco has entered into a deferred prosecution agreement with the Justice Department while the company's Singapore subsidiary pleaded guilty to bank fraud and sanctions charges. BAT confirmed the settlement in its own statement, saying it resolves “previously disclosed investigations into suspicions of sanctions breaches.”

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In addition, federal prosecutors disclosed a cigarette trafficking scheme that raised money for North Korea's nuclear weapons program, announcing charges against three men — a North Korean banker and two Chinese facilitators. The State Department has announced a reward for information leading to their arrest.

British American Tobacco produces Lucky Strike, Dunhill, and Pall Mall brands. It agreed in 2017 to take over Reynolds American Inc., which owned brands like Newport and Camel, creating the world's largest publicly traded tobacco company. (AP)

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(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)