September 26, 2017: OFAC expands DPRK designations

Yesterday, OFAC added the following people: 

CHA, Sung Jun (a.k.a. CH’A, Su’ng-chun), Beijing, China; DOB 04 Jun 1966; nationality Korea, North; Passport 472434355 (individual) [DPRK4]. 
 
CH’OE, So’k-min, Shenyang, China; DOB 25 Jul 1978; nationality Korea, North; Foreign Trade Bank of the Democratic People’s Republic of Korea representative (individual) [DPRK2]. 
 
CHU, Hyo’k (a.k.a. JU, Hyok), Vladivostok, Russia; DOB 23 Nov 1986; nationality Korea, North; Gender Male; Passport 836420186 (Korea, North) issued 28 Oct 2016 expires 28 Oct 2021; Foreign Trade Bank of the Democratic People’s Republic of Korea representative (individual) [DPRK4]. 
 
HO, Yong Il (a.k.a. HO’, Yo’ng-il), Dandong, China; DOB 09 Sep 1968 (individual) [DPRK4]. 
 
JI, Sang Jun (a.k.a. CHI, Sang-chun), Moscow, Russia; DOB 03 May 1971 (individual) [DPRK4]. 
 
KANG, Min, Beijing, China; DOB 07 May 1980; nationality Korea, North; Gender Male; Passport 563132918 expires 04 Feb 2018; Korea Daesong Bank representative (individual) [DPRK4]. 
 
KIM, Hyok Chol (a.k.a. KIM, Hyo’k-ch’o’l), Zhuhai, China; DOB 09 Jul 1978; Passport 472235761 expires 06 Jun 2017; Korea United Development Bank representative (individual) [DPRK4]. 
 
KIM, Jong Man (a.k.a. KIM, Cho’ng-man), Korea, North; Zhuhai, China; DOB 16 Jul 1956; nationality Korea, North; Passport 918320780; Korea United Development Bank representative (individual) [DPRK4]. 
 
KIM, Kyong Hyok (a.k.a. KIM, Kyo’ng-hyo’k), Shanghai, China; DOB 05 Nov 1985; Cheil Credit Bank representative (individual) [DPRK4]. 
 
KIM, Kyong Il (a.k.a. KIM, Kyo’ng-il), Libya; DOB 01 Aug 1979; Gender Male; Passport 836210029; Foreign Trade Bank of the Democratic People’s Republic of Korea deputy chief representative in Libya (individual) [DPRK2]. 
 
KIM, Sang-ho, Yanji, China; DOB 16 May 1957; Passport 563337601; Korea Daesong Bank representative (individual) [DPRK4]. 
 
KIM, Tong Chol (a.k.a. KIM, Tong-ch’o’l), Shenyang, China; DOB 28 Jan 1966; Foreign Trade Bank of the Democratic People’s Republic of Korea official (individual) [DPRK2]. 
 
KO, Chol Man (a.k.a. KO, Ch’o’l-man), Shenyang, China; DOB 30 Sep 1967; Passport 472420180; Foreign Trade Bank of the Democratic People’s Republic of Korea representative (individual) [DPRK2]. 
 
KU, Ja Hyong (a.k.a. KU, Cha-hyo’ng), Libya; DOB 08 Sep 1957; Gender Male; Foreign Trade Bank of the Democratic People’s Republic of Korea chief representative in Libya (individual) [DPRK2]. 
 
KWAK, Chong-chol (a.k.a. KWAK, Jong-chol), Dubai, United Arab Emirates; DOB 01 Jan 1975; nationality Korea, North; Gender Male; Passport 563220533 (Korea, North) (individual) [DPRK4]. 
 
MUN, Kyong Hwan (a.k.a. MUN, Kyo’ng-hwan), Korea, North; Dandong, China; DOB 22 Aug 1967; nationality Korea, North; Passport 381120660 expires 25 Mar 2016; Bank of East Land representative (individual) [DPRK4]. 
 
PAE, Won Uk (a.k.a. PAE, Wo’n-uk), Beijing, China; DOB 22 Aug 1969; nationality Korea, North; Gender Male; Passport 472120208 (Korea, North) expires 22 Feb 2017; Korea Daesong Bank representative (individual) [DPRK4]. 
 
PAK, Bong Nam (a.k.a. LUI, Wai Ming; a.k.a. PAK, Pong Nam; a.k.a. PAK, Pong-nam), Shenyang, China; DOB 06 May 1969; ILSIM International Bank Representative in Shenyang, China (individual) [DPRK4]. 
 
PAK, Chol Nam (a.k.a. PAK, Ch’o’l-nam), Beijing, China; DOB 16 Jun 1971; nationality Korea, North; Passport 745420413 expires 19 Nov 2020; Cheil Credit Bank representative in Beijing (individual) [DPRK4]. 
 
PAK, Mun Il (a.k.a. PAK, Mun-il), Yanji, China; DOB 01 Jan 1965; nationality Korea, North; Gender Male; Passport 563335509 expires 27 Aug 2018; Korea Daesong Bank official (individual) [DPRK4]. 
 
PANG, Su Nam (a.k.a. PANG, So-nam; a.k.a. PANG, Sunam), Zhuhai, China; DOB 01 Oct 1964; Passport 472110138; ILSIM International Bank representative in Zhuhai, China (individual) [DPRK2] [DPRK4]. 
 
RI, Chun Hwan (a.k.a. RI, Ch’un-hwan), Zhuhai, China; DOB 21 Aug 1957; Passport 563233049 expires 09 May 2018; Foreign Trade Bank of the Democratic People’s Republic of Korea  representative (individual) [DPRK2]. 
 
RI, Chun Song (a.k.a. RI, Ch’un-so’ng), Beijing, China; DOB 30 Oct 1965; Passport 654133553 expires 11 Mar 2019; Foreign Trade Bank of the Democratic People’s Republic of Korea representative (individual) [DPRK2]. 
 
RI, Ho Nam (a.k.a. RI, Ho-nam), Beijing, China; DOB 03 Jan 1967; nationality Korea, North; Passport 654120210 expires 21 Feb 2019; Ryugyong Commercial Bank representative (individual) [DPRK4]. 
 
RI, U’n-so’ng (a.k.a. RI, Eun Song; a.k.a. RI, Un Song), Moscow, Russia; DOB 23 Jul 1969; Korea United Development Bank representative (individual) [DPRK4]. 
 
RYOM, Hui-bong (a.k.a. RYO’M, Hu’i-pong), Dubai, United Arab Emirates; DOB 18 Sep 1961; nationality Korea, North; Gender Male; Passport 745120026 (Korea, North) (individual) [DPRK4].

and entities: 

AGRICULTURAL DEVELOPMENT BANK, Korea, North [DPRK4]. 
 
CENTRAL BANK OF THE DEMOCRATIC PEOPLE’S REPUBLIC OF KOREA, 58-1 Mansu-dong, Sungri Street, Central District, Pyongyang, Korea, North [DPRK3]. 
 
CHEIL CREDIT BANK (a.k.a. FIRST CREDIT BANK; f.k.a. “KYONGYONG CREDIT BANK”), 3-18 Pyongyang Information Center, Potonggang District, Pyongyang, Korea, North; Beijing, China; Shenyang, China; Shanghai, China; SWIFT/BIC KYCBKPPYXXX [DPRK4]. 
 
HANA BANKING CORPORATION LTD, Haebangsan Hotel, Jungsong-Dong, Sungri Street, Central District, Pyongyang, Korea, North; Dandong, China; SWIFT/BIC BRBKKPPIXXX [DPRK4]. 
 
INTERNATIONAL INDUSTRIAL DEVELOPMENT BANK, Jongpyong-Dong, Pyong Chon District, Pyongyang, Korea, North [DPRK4]. 
 
JINMYONG JOINT BANK, Korea, North; Dalian, China [DPRK4]. 
 
JINSONG JOINT BANK, Korea, North [DPRK4]. 
 
KORYO COMMERCIAL BANK LTD., Pyongyang, Korea, North; Beijing, China; Shenyang, China; SWIFT/BIC KCBKKPP1 [DPRK4]. 
 
RYUGYONG COMMERCIAL BANK, Korea, North; Beijing, China; Dandong, China [DPRK4].

to its North Korean sanctions. Additionally, the following North Korean & non-proliferation (NPWMD) listing was amended:

FOREIGN TRADE BANK OF THE DEMOCRATIC PEOPLE’S REPUBLIC OF KOREA (a.k.a. NORTH KOREA’S FOREIGN TRADE BANK), FTB Building, Jungsong-dong, Central District, Pyongyang, Korea, North; SWIFT/BIC FTBD KP PY [NPWMD]. -to- FOREIGN TRADE BANK OF THE DEMOCRATIC PEOPLE’S REPUBLIC OF KOREA (a.k.a. KOREA TRADE BANK; a.k.a. MOOYOKBANK; a.k.a. NORTH KOREA’S FOREIGN TRADE BANK), FTB Building, Jungsong-dong, Central District, Pyongyang, Korea, North; SWIFT/BIC FTBD KP PY [NPWMD] [DPRK3].

And Treasury issued the following press release:

Treasury Sanctions Banks and Representatives Linked to North Korean Financial Networks


9/26/2017 

Action targets North Korean use of the international financial system to facilitate its WMD and ballistic missile programs
 
WASHINGTON – The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) took action today to further disrupt North Korea’s access to the international financial system.  OFAC designated eight North Korean banks and 26 individuals linked to North Korean financial networks in response to North Korea’s ongoing development of weapons of mass destruction (WMD) and continued violations of United Nations Security Council Resolutions (UNSCRs).  The individuals sanctioned today are North Korean nationals operating in China, Russia, Libya and the United Arab Emirates who act as representatives of North Korean banks.  OFAC also identified two banks as part of the Government of North Korea.  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.
 
“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.  This action is also consistent with UN Security Council Resolutions.”
 
Today’s actions are being taken by the Treasury Department to complement UNSCR 2375, which was adopted unanimously by the United Nations Security Council on September 11, 2017 and includes the strongest sanctions ever imposed on North Korea.  
 
 
North Korean Banks
 
Pursuant to E.O. 13722, OFAC is identifying the Foreign Trade Bank of the Democratic People’s Republic of Korea and the Central Bank of 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.  This bank was also designated by the UN and the United States in 2013 pursuant to E.O. 13382 for facilitating transactions on behalf of North Korea’s WMD proliferation network. 
 
Pursuant to E.O. 13810, which targets, in part, persons determined to be operating in the financial services industry in the North Korean economy, OFAC is designating eight North Korean banks as follows:
 
·         Agricultural Development Bank;
 
·         Cheil Credit Bank;
 
·         Hana Banking Corporation Ltd;
 
·         International Industrial Development Bank;
 
·         Jinmyong Joint Bank;
 
·         Jinsong Joint Bank;
 
·         Koryo Commercial Bank Ltd; and
 
·         Ryugyong Commercial Bank.
 
North Korean Financial Representatives
 
Today, OFAC is also designating 26 individuals who are representatives of North Korean banks operating in China, Russia, Libya, and the United Arab Emirates.  These designations are being made pursuant to E.O. 13687, which targets, among others, agencies, instrumentalities, and controlled entities of the Government of North Korea and the Workers’ Party of Korea, and E.O. 13810, which targets persons determined to be operating in the financial services industry in the North Korean economy.
 
·         Kim Tong Chol is a Foreign Trade Bank representative in Shenyang, China.
 
·         Ko Chol Man is a Foreign Trade Bank representative in Shenyang, China.
 
·         Ri Chun Hwan is a Foreign Trade Bank representative in Zhuhuai, China.  
 
·         Ri Chun Song is a Foreign Trade Bank representative in Beijing, China.
 
·         Kim Kyong Il is a Foreign Trade Bank deputy chief representative in Libya.
 
·         Ku Ja Hyong is a Foreign Trade Bank chief representative in Libya.
 
·         Ch’oe So’k-min is a Foreign Trade Bank representative in Shenyang, China.  In 2016, Ch’oe So’k-min was the deputy representative at Foreign Trade Bank in Shenyang.  He has been associated with cash transfers from the Foreign Trade Bank office in Shenyang to banks affiliated with North Korean special organizations and Reconnaissance General Bureau operatives located overseas in an effort to evade sanctions.
 
·         Kwak Chong-chol is a North Korean national located in Dubai, United Arab Emirates as a Korea Kumgang Group Bank representative.  As of February 2016, Kwak Chong-chol was a general manager of a North Korean front company that was responsible for collecting funds from North Korean workers.
 
·         Ryom Hui-bong is a North Korean national located in Dubai, United Arab Emirates as a Korea Kumgang Group Bank representative.  As of February 2016, in his role as general manager of North Korean front company Ryong Hung General Trading, Ryom Hui-bong was responsible for collecting funds from North Korean workers in the United Arab Emirates and hand carrying the money to Pyongyang, North Korea.
 
·         Pak Mun Il is an official of Korea Daesong Bank located in Yanji, China.
 
·         Ho Young Il is a Hana Bank representative located in Dandong, China.  In 2016, Ho Young Il was associated with a high volume of U.S. dollar transactions for the Foreign Trade Bank.
 
·         Kang Min is a Daesong Bank representative located in Beijing, China who, in late 2016, held Chinese bank accounts.
 
·         Kim Sang-ho is a Daesong Bank representative located in Yanji, China.  As of 2015, Kim Sang-ho was an Office 39 official posted as a Korea Daesong Trading Company representative in Yanji, China.
 
·         Kim Jong Man is a Korea Unification Development Bank representative located in Zhuhai, China.  In 2015, Kim Jong Man was an Office 39 official posted to Hong Kong.
 
·         Hyok Chol Kim is a Korea Unification Development Bank representative located in Zhuhai, China.
 
·         Mun Kyong Hwan is a Bank of East Land representative located in Dandong, China.
 
·         Pae Won Uk is a Daesong Bank representative located in Beijing, China.
 
·         Pak Bong Nam is an Ilsim International Bank representative located in Shenyang, China.
 
·         Chu Hyo’k is a North Korean national located in Vladivostok, Russia as a Foreign Trade Bank representative.
 
·         Ri U’n-so’ng is a Korea Unification Development Bank representative in Moscow, Russia.
 
·         Pang Su Nam is an Ilsim International Bank representative in Zhuhai, China.
 
·         Cha Sung Jun is a Korea Kumgang Group Bank Representative in Beijing, China.  He has held several accounts under his name at Chinese banks and is suspected of operating a cover company. 
 
·         Ji Sang Jun is an official of Korea Kumgang Group Bank in Moscow, Russia.
 
·         Kim Kyong Hyok is a First Credit Bank representative in Shanghai, China.  He is associated with several bank accounts and companies located in China. 
 
·         Pak Chol Nam is a First Credit Bank representative in Beijing, China.
 
·         Ri Ho Nam is a Ryugyong Commercial Bank representative in Beijing, China.

Editorial note: One has to wonder how far secondary sanctions can really be applied to banks in China – without the Chinese government retaliating by cutting back on its purchases of T-Bills at Treasury auctions, which the US needs in order to continue to run budget deficits.

Links:

OFAC Notice

Treasury Press Release

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s