US Treasury Department Targets North Korean Financial Institutions

Washington D.C. - A Decisive Move Against North Korea’s Illicit Activities

The United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) has taken a decisive action to disrupt North Korea’s access to the international financial system. In a move aimed at further isolating the regime and its affiliates, OFAC designated eight North Korean banks and 26 individuals linked to North Korean financial networks for their roles in facilitating the country’s illicit activities.

Key Highlights

• Eight North Korean Banks Designated: The Foreign Trade Bank of the Democratic People’s Republic of Korea and the Central Bank of Democratic People’s Republic of Korea are among the designated institutions.
• 26 Individuals Linked to North Korean Financial Networks: Representatives of North Korean banks operating in China, Russia, Libya, and the United Arab Emirates have been sanctioned.
• Illicit Activities Exposed: Designated individuals have been linked to cash transfers from the Foreign Trade Bank office in Shenyang to banks affiliated with North Korean special organizations and Reconnaissance General Bureau operatives.

Treasury Secretary’s Statement

“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 action is a key component of our strategy to fully isolate North Korea and achieve a peaceful and denuclearized Korean peninsula.”

US Commitment to Holding North Korea Accountable

The Treasury Department’s action is consistent with UN Security Council Resolutions, including UNSCR 2375, which was adopted unanimously by the United Nations Security Council on September 11, 2017. The sanctions demonstrate the US commitment to holding North Korea accountable for its continued nuclear and missile development activities.

What Does This Mean?

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.