The United States has imposed sanctions on eight individuals and entities instrumental in the transfer of funds that boost Pyongyang’s ability to develop its weapons of mass destruction (WMD) program.
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned six individuals and two entities based in Russia, China, and the United Arab Emirates, that generate revenue and facilitate financial transactions for North Korea.
Simultaneously, South Korea is jointly designating six of the same individuals and entities for their involvement in illicit financing and revenue generation through overseas North Korean information technology workers.
The Treasury targets agents of designated North Korean banks along with IT companies that employ workers abroad. The Treasury Department said North Korean banking representatives, IT workers, and the companies that employ them generate revenue and gain access to foreign currencies vital to the Kim Jong Un regime. These actors, operating through networks in Russia and China, orchestrate schemes, set up front or shell companies, and manage surreptitious bank accounts to move and disguise illicit funds, evade sanctions, and finance Pyongyang’s unlawful WMD and ballistic missile programs, it added.
Yu Pu Ung, a linchpin in Pyongyang’s illicit financial activities; Ri Tong Hyok, a China-based representative of Tanchon Bank; Han Chol Man, a China-based representative of U.S- and UN-designated Kumgang Bank; O In Chun, a Russia-based representative of U.S- and UN-designated Korea Daesong Bank; and Jong Song Ho, who is a Russia-based representative of U.S-designated Jinmyong Joint Bank, are the individuals targeted by the U.S. Government.
The U.S. also sanctioned two companies subordinate to North Korea’s Chinyong Information Technology Cooperation Company and one individual that leads an IT delegation. They are Russia-based Alis LLC, UAE-based Pioneer Bencont Star Real Estate, and Jon Yon Gun, who was involved in coordinating payments from Pioneer Bencont Star Real Estate to Chinyong.
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