U.S. Treasury Sanctions Banks and Individuals of North Korea…

President Trump and U.S. Secretary of Treasury Steven Mnuchin are is using the newly constructed sanctions authority to punish eight North Korean banks and 26 bank workers living abroad.

The Office of Foreign Asset Control (OFAC) sanctions (full outline below) rely on an executive order President Donald Trump signed last week to target North Korea’s access to the international banking system. The Trump/Mnuchin action comes as as a separate outcome from the recently passed United Nations sanctions package targeting North Korea.

The eight banks are all in North Korea. The Treasury Department says the 26 individuals are North Korean nationals employed by those banks who work in Russia, China, Libya and the United Arab Emirates.

Treasury Secretary Steven Mnuchin says the U.S. is targeting those “across the globe” who facilitate financial transactions for North Korea. He says it’s part of the effort to isolate North Korea over its nuclear weapons program. (link)

Treasury announcement below.

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.

Chol Nam is a First Credit Bank representative in Beijing, China.

Ri Ho Nam is a Ryugyong Commercial Bank representative in Beijing, China.

(Treasury Dept. Link)

This entry was posted in Economy, media bias, N Korea, President Trump, Secretary of State, Secretary Tillerson, Uncategorized, US Treasury. Bookmark the permalink.

72 Responses to U.S. Treasury Sanctions Banks and Individuals of North Korea…

  1. WSB says:

    “What a tangled web we weave…”

    Liked by 7 people

  2. LBB says:

    Ratcheted up another level. We’ll see what China tells Rocket Man to do. I hope his spacesuit has a leak.

    Liked by 11 people

  3. fleporeblog says:

    I love this sentence from the article!

    “This is a clear message to Chinese banks: We can find these individuals, so can you,” said Anthony Ruggiero, a senior fellow at the Washington-based Foundation for Defense of Democracies, which advocates for tough sanctions on North Korea.

    This article must of mortified the Uniparty Republicans! These POS are going to go to HELL if they think speaking with Kim is beneficial to their brand. Our LION must be laughing his ass off!


    From the article linked above:

    In what may be the most bizarre development of the day, the WaPo reports that in their ongoing feud with President Trump, the North Korean government has quietly sought the help of an unlikely counterparty: Republicans.

    As the WaPo details, officials in Pyongyang have been quietly trying to arrange talks with Republican-linked analysts in Washington, “in an apparent attempt to make sense of President Trump and his confusing messages to Kim Jong Un’s regime.” The outreach is said to have begun before the current eruption of threats between the two leaders, but will likely become only more urgent “as Trump and Kim have descended into name-calling that sharply increases the chances of potentially catastrophic misunderstandings.”

    “Their No. 1 concern is Trump. They can’t figure him out,” a source with direct knowledge of North Korea’s approach to Asia experts with Republican connections told the WaPo.

    While in the past North Korea has traditionally participated in strategy meeting with foreign power on neutral soil such as Geneva, Singapore and Malaysia, since Trump’s election in November, the North Korean representatives have been predominantly interested in figuring out the unconventional president’s strategy, according to almost a dozen people involved in the discussions.

    “My own guess is that they are somewhat puzzled as to the direction in which the U.S. is going, so they’re trying to open up channels to take the pulse in Washington,” said Evans Revere, a former State Department official. “They haven’t seen the U.S. act like this before.”

    Liked by 11 people

  4. quintrillion says:

    Most individuals sanctioned are in China. Interesting that others are in Dubai, UAE, Libya & Russia. Shouldn’t we be asking…why these of all places?

    Liked by 2 people

  5. Economic baseball bat to the knees

    Liked by 4 people

  6. n1ghtcr4wler says:

    I wonder what the Norks are doing in Libya

    Liked by 3 people

  7. jmclever says:

    The beauty of it all is that because these are all NK banks and the individuals are NK nationals, the MSM and UniParty can say nothing against it because they would show their hand too plainly. WINNING!

    Now if Sec’y Mnuchin can find a way to link George Soros to NK. That would be EPIC WINNING!

    Liked by 2 people

  8. andyocoregon says:

    From what I’ve read recently, North Korea still imports most of its oil from China even though China has tightened up supplies sold to North Korea. It would be ideal if China cut off all oil shipments to North Korea as it would no doubt inhibit Little Rocket Man’s ability to wage war against us.

    Liked by 1 person

  9. FL_GUY says:

    I imagine that Rocket Boy is in shock. Ever since the cease fire in 1953 (the Korean War has not ended in 64 years), NK has pretty much gotten away with everything, mainly under D-Rat administrations (Pueblo seizure, missile launches, etc.). The R administrations ignored it also while the D-Rats ENABLED the NK quest for nuclear weapons (Bill C and Madline Dimwit). For the first time since 1953, NK is feeling REAL consequences rather than getting billion dollar payoffs for their aggression. President Trump is a serious leader and NK is not going to be a threat to the world much longer.

    Liked by 10 people

    • Bob Thoms says:

      Don’t forget North Korean Air Force fighters shot down a US Navy EC-121 surveillance aircraft over international airspace on 15 April 1969, leader Kim Il Sung’s birthday.
      All 31 servicemen aboard were killed.

      And Korean Airlines 585 – 181 blown up.

      Liked by 1 person

    • decisiontime16 says:

      From Bloomberg:

      President Donald Trump said the U.S. is prepared to use “devastating” military force against North Korea but encouraged the world to work together to end the country’s nuclear program as he imposed new sanctions on the country’s banks.

      “We are totally prepared for the second option — not a preferred option — but if we take that option it will be devastating I can tell you that,” Trump said during a joint news conference Tuesday at the White House with Spain’s Prime Minister Mariano Rajoy. “For North Korea that is called the military option. If we have to take it we will.”

      North Korea’s nuclear weapons threaten “the entire world with unthinkable loss of life” and “all nations must act now to ensure the regime’s complete denuclearization,” Trump said.

      The U.S. president praised China for placing new restrictions on banking relationships with Pyongyang and enforcing new United Nations sanctions on Kim Jong Un’s regime.

      “I applaud China’s recent action to restrict its trade with North Korea,” Trump added. “In particular I applaud China for breaking all banking relationships with North Korea. I want to thank President Xi.”

      Liked by 3 people

    • maiingankwe says:

      Respectfully, I didn’t understand what you meant by Pueblo seizure. Could you please take a moment to explain the connection with NK or to please give me some search words to help me learn it on my own? I would greatly appreciate it.
      Thank you,


      • Proud Deplorable says:

        I’m not FL_GUY, but … The vessel USS Pueblo, attached to the US Navy, was attacked and captured by North Korea in 1968. Search for “Pueblo incident” for a full description.


  10. TwoLaine says:

    For Otto, and his beautiful family!
    Thank You!


    Liked by 6 people

  11. no-nonsense-nancy says:

    Ha, in that pic with his space suit he really does look like the Pillsbury dough boy, which I always call him.

    Liked by 4 people

  12. chojun says:

    Yesterday I highlighted the fact that the Asian Infrastructure Investment Bank (AIIB) is the primary financing and investment underwriter for China’s One Belt/One Road initiative throughout the mid- and far-east. Much of Europe is also invested in this bank. The world’s major economies, save the US and Japan, are invested in this bank. Russia is invested in this bank, and China owns a controlling stake in this bank.

    The One Belt/One Road policy is working toward creating a mega-logisitcs network, aggregating downstream goods and services as they travel into the Globalized western world (mainly with the United States as the ultimate destination). China is the primary originator of many of these raw goods and services.

    With the latest executive order allowing sanctions against banks who directly/indirectly do business with North Korea, I think Trump is only 1 or 2 moves away from ‘checkmate’ on China with respect to the North Korean situation.

    This is a research opportunity for the CTH.

    I believe that many of these banks targeted in the executive order have downstream banks that would be affected, that are tied to the AIIB. I’d be interested in seeing which ones are and testing the theory that they are connected with the AIIB. If confirmed, then there would be no doubt that the gloves are off and Trump is going for China’s jugular.

    Liked by 3 people

  13. James says:

    As far as sanctions against NK, I thought John Bolton said something that made sense. He said that sanctions against NK would not work because NK isn’t a country, it’s a prison camp.

    Now, Victor Davis Hanson had an idea of something that might get China to respond in a way other than just lip service. Expel all members of the Communist Chinese Party from the U.S. and also expel all university students who are Chinese nationals from the U.S. And there are a lot of students that are in that category.

    That might help send a message, that we are not playing.

    Liked by 2 people

  14. nimrodman says:

    That’s gonna leave a mark


  15. Patriot1783 says:

    Rocketman in the suit, talk about cargo overload 😂😂😂

    Liked by 2 people

  16. If Chinese students expelled from US universities, the howls would be heard from hear to the moon! The universities depend heavily on the tuition of all foreign students. Take a stroll across a college campus, any college campus, and you will see what I mean.

    Liked by 1 person

  17. MTeresa says:

    Every time I see that “family portrait” of Rocket Man, I think to myself…………those poor women and children. They look absolutely terrified.

    Liked by 2 people

    • maiingankwe says:

      I agree, especially the lady in the front on the left. I always thought it was her baby being held by rocketman. She looks terrified, but then I would to if that was my baby being held by him. I wouldn’t be shocked if she’s scared her baby will cry and if so, taken away from her. Permanently.

      As an American lady, I would never have allowed that to happen. Unfortunately, she had no choice whatsoever.


  18. uggghhhh – hear = here


  19. Casual observer says:

    Once again, Trump proves that he is playing successful economic chess with the asian leaders while they don’t take him seriously.


  20. TONYA PARNELL says:

    TRUMP 2020


  21. aqua says:

    So N. K. needs a translation of Trump’s words? “Shape up or ship out!”


  22. fedback says:

    Rocket Man


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