US announces fresh sanctions to restrict North Korea's revenues

The Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned three entities and two individuals "illicitly" generating revenue in support of the government of the Democratic People’s Republic of Korea (DPRK).

“The DPRK’s unlawful weapons of mass destruction and ballistic missile programs threaten international security and regional stability,” said Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson. “The United States remains committed to targeting the regime’s global illicit networks that generate revenue for these destabilizing activities.”

The department said that “OFAC is designating Chilsong Trading Corporation (Chilsong) and Korea Paekho Trading Corporation (Paekho) for being agencies, instrumentalities, or controlled entities of the Government of North Korea or the Workers’ Party of Korea.”

“OFAC is also designating Hwang Kil Su (Hwang) and Pak Hwa Song (Pak) pursuant to E.O. 13810 for being North Korean persons, including North Korean persons that have engaged in commercial activity that generates revenue for the Government of North Korea or the Workers’ Party of Korea,” the department added. (ILKHA)