Financial Crime World

Regulatory Bodies Take Action to Freeze Assets of North Korean Officials Involved in Financial Crimes

In an effort to disrupt the financing of North Korea’s nuclear and ballistic missile programs, the Office of Financial Sanctions Implementation (OFSI) has taken action to freeze the assets of three high-ranking officials.

Designated Individuals

  • Lieutenant General Yong Chol Kim, Vice Chairman of the Workers Party of Korea
  • General Kyong Hui Kim
  • Yong Nam Kim

These individuals have been designated by the UK government as being involved in activities that could contribute to North Korea’s weapons programs. The decision was made following a review by the Panel of Experts, which identified the three officials as engaging in deceptive financial practices.

Illegal Transactions and Money Laundering

The panel found that the three officials had been involved in a pattern of illegal transactions, including large bank transfers and money laundering. As a result, all funds and economic resources belonging to or held by the three individuals will be frozen, effective immediately.

Broader Effort to Disrupt North Korea’s Access to Financing

This move is part of a broader effort by the international community to disrupt North Korea’s access to financing for its military programs. The OFSI spokesperson stated, “This action demonstrates our commitment to enforcing financial sanctions against those who support North Korea’s nuclear and ballistic missile programs. We will continue to work with our international partners to identify and disrupt illegal financial activities that threaten global security.”

The designations were made under the UK’s Terrorist Asset-Freezing etc. Act 2010, which allows for the freezing of assets belonging to individuals or entities deemed to be involved in terrorist or other prohibited activities.

Consequences for North Korea’s Economy and International Relations

This move is seen as a significant blow to North Korea’s ability to finance its military programs and could have far-reaching consequences for the country’s economy and international relations.