A tobacco giant will pay $629 million for violating U.S. sanctions against North Korea

Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian Nelson, with U.S. Attorney Matthew Graves for the District of Columbia, speaks during a news conference on Tuesday at the Department of Justice in Washington. (Manuel Balce Ceneta/AP)

WASHINGTON — A British tobacco company has agreed to pay more than $629 million to settle allegations that it did illegal business with North Korea in violation of U.S. sanctions, the Justice Department said Tuesday.

British American Tobacco, one of the largest tobacco companies in the world, entered into a deferred prosecution agreement with the Justice Department, while the company's Singapore subsidiary pleaded guilty to conspiring to commit bank fraud and violate sanctions.