A Financial Times investigation reveals that several Taiwanese blacklisted shadow ships are linked to international sanction-evasion networks, raising questions about enforcement gaps in one of Asia's most congested maritime corridors. The Taiwanese blacklist directly affects investors and traders operating in the region.
A concerning situation has emerged in Asian waters following a Financial Times investigation that exposed the links between Chinese blacklisted shadow ships on the Taiwanese blacklist and international sanction-evasion networks through North Korean contraband.
Taiwan has kept a list of at least 52 Chinese shadow ships since January 2025, subject to stricter monitoring and inspection by Taiwanese authorities. The Financial Times investigation connected many of these ships to networks involved in contraband related to North Korea.
Taiwan prohibited all trade with North Korea in 2017 to comply with UN resolutions. Taiwanese firms and individuals have previously been sanctioned or accused of facilitating the transfer of oil and coal related to North Korea.
The investigation finds that no shadow ships involved in North Korean contraband have been linked to cryptocurrency or digital tokens. However, the North Korean state-sponsored Lazarus group, behind some of history's largest cryptocurrency heists, is involved in some of the cases.
This revelation adds a new dimension to a complex image. Chinese ships are operating on the Taiwanese blacklist while facilitating North Korean sanction evasion, creating a three-way diplomatic point of contention.