US Treasury Department Designates North Korean Front Companies and Cyber Espionage Unit

The US Treasury Department has taken decisive action to disrupt North Korea’s ability to generate revenue and conduct cyber espionage by designating several individuals and entities associated with the country’s nuclear and ballistic missile programs.

Key Findings

• Choe Un Hyok, a representative of the Korean Union for Democracy and Development (KUDB) in Russia, has coordinated multiple payments to an entity subordinate to the Munitions Industry Department, responsible for North Korea’s ballistic missile program.
• Jang Myong Chol, a representative of the Korean Central Bank (KCB) in China, was designated for facilitating transactions worth hundreds of thousands of dollars on behalf of KCB, which is also designated by the UN and US for its role in financing North Korea’s nuclear program.
• Two individuals, Choe Song Chol and Im Song Sun, have generated revenue for the North Korean government through the exportation of workers to foreign countries. They were previously designated by the European Union for their involvement in this activity.
• The Treasury Department also designated a cyber espionage unit known as Kimsuky, which is subordinate to the Reconnaissance General Bureau (RGB), North Korea’s primary foreign intelligence service.

Impact

The designations are aimed at disrupting North Korea’s ability to generate revenue and conduct cyber espionage. This move comes in response to the country’s continued development of its nuclear and ballistic missile programs.

“The United States will continue to take decisive actions to disrupt and deter North Korea’s malicious activities,” said Treasury Secretary Steven Mnuchin. “These designations are an important step in holding accountable those who support North Korea’s dangerous and destabilizing behavior.”

The sanctions also aim to cut off funding sources for North Korea’s nuclear program, a key goal of the US government.

“The sanctions imposed today will further isolate North Korea from the global financial system and make it more difficult for them to conduct illegal activities,” said OFAC Director Andrea Gacki. “We will continue to work with our international partners to take action against those who support North Korea’s malicious behavior.”

Related Articles

• North Korea’s Cyber Threat: What You Need to Know
• US Sanctions North Korean Entities for Human Rights Abuses
• North Korea’s Illicit Finance and Procurement Activities

Note: The article does not directly mention FTB (Free Thought Broadcasting Network), but it is likely that the media outlet has covered similar topics in the past.