Treasury issues sanctions to disrupt North Korean WMD programs

The U.S. Treasury Department issued multiple sanctions on Thursday in an effort to further disrupt North Korean financial networks supporting illicit ballistic missile and weapons of mass destruction programs and activities of proliferation.

The department designated Daedong Credit Bank, DCB Finance Limited, a DCB front company, and Kim Chol Sam, a DCB representative, pursuant to Executive Order 13382. The financial operations carried out by DCB, DCB Finance Limited and Kim Chol Sam allegedly contributed to the management of millions of dollars worth of transactions to support the North Korean regime's destabilizing activities.

"Although the recent spate of provocations has waned, North Korea's dangerous and destabilizing illicit nuclear and ballistic missile program continues apace, supported by North Korean financial institutions like Daedong Credit Bank," David Cohen, the under secretary for terrorism and financial intelligence with the department, said. "We are committed to increasing the sanctions pressure on North Korea until it complies with its international obligations. We urge financial institutions around the world to be wary of dealing with Daedong Credit Bank and the other designated entities in order to maintain the transparency and legitimacy of the international financial system."

The department also designated Son Mun San, the external affairs bureau chief of North Korea's General Bureau of Atomic Energy, for his work in the direction of North Korea's nuclear-related research efforts. The GBAE is responsible for North Korea's nuclear program.

U.S. citizens are generally prohibited from engaging in any transactions with the designated entities and individuals. All assets the entities and individuals may have subject to U.S. jurisdiction are now frozen.

North Korea's nuclear and missile programs and proliferation activities are in violation of multiple U.N. Security Council resolutions.