US Targets North Korean Financial Networks to Disrupt WMD and Ballistic Missile Programs
The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has taken a significant step to disrupt North Korea’s access to the international financial system by designating eight North Korean banks and 26 individuals linked to North Korean financial networks.
Background
This move is in response to North Korea’s ongoing development of weapons of mass destruction (WMD) and continued violations of United Nations Security Council Resolutions. The designated individuals are North Korean nationals operating in China, Russia, Libya, and the United Arab Emirates who act as representatives of North Korean banks.
Quotes from Treasury Secretary Steven T. Mnuchin
“We are targeting North Korean banks and financial facilitators acting as representatives for North Korean banks across the globe,” said Treasury Secretary Steven T. Mnuchin. “This further advances our strategy to fully isolate North Korea in order to achieve our broader objectives of a peaceful and denuclearized Korean peninsula.”
Consistency with UN Security Council Resolution 2375
The action is also consistent with UN Security Council Resolution 2375, which was adopted unanimously by the United Nations Security Council on September 11, 2017.
Designated Entities
Pursuant to Executive Order 13722, OFAC identified the Foreign Trade Bank of the Democratic People’s Republic of Korea and the Central Bank of the Democratic People’s Republic of Korea as blocked agencies, instrumentalities, or controlled entities of the Government of North Korea. Foreign Trade Bank is North Korea’s primary foreign exchange bank.
Designated Banks
The eight North Korean banks designated today are:
- Agricultural Development Bank
- Cheil Credit Bank
- Hana Banking Corporation Ltd
- International Industrial Development Bank
- Jinmyong Joint Bank
- Jinsong Joint Bank
- Koryo Commercial Bank Ltd
- Ryugyong Commercial Bank
Designated Individuals
The 26 individuals sanctioned today are representatives of North Korean banks operating in China, Russia, Libya, and the United Arab Emirates. Some of the designated individuals include:
- Kim Tong Chol, a Foreign Trade Bank representative in Shenyang, China
- Ko Chol Man, a Foreign Trade Bank representative in Shenyang, China
- Ri Chun Hwan, a Foreign Trade Bank representative in Zhuhai, China
- Kim Kyong Il, a Foreign Trade Bank deputy chief representative in Libya
Consequences of Today’s Action
As a result of today’s action, any property or interests in property of the designated persons in the possession or control of U.S. persons or within the United States must be blocked.