April 3, 2024

U.S. sanctions individuals and entities for supporting the DPRK and its weapons of mass destruction program

On March 27, 2024,  the U.S. Department of the Treasury’s Office of Foreign Assets Control coordinated with the Republic of Korea to jointly designate 6 individuals and 2 entities for facilitating financial transactions and generating revenue to support the weapons of mass destruction (“WMD”) programs of the Democratic People’s Republic of Korea (“DPRK”).  The coordinated action targeted bank representatives who work for U.S.-sanctioned banks, and companies that employ DPRK IT workers overseas.  In addition to generating revenue for the DPRK, the designees have provided the DPRK with access to foreign currency by utilizing a network of companies located primarily in Russia and China to surreptitiously move and disguise unlawful transactions, evade sanctions, and provide support for WMD and ballistic missile programs in the DPRK.

The designations were imposed pursuant to Executive Order 13382, which targets those who engage in the proliferation of WMD, and Executive Orders 13722, 13551, 13810, and 13687, which target those who support or facilitate transactions for the DPRK, support DPRK programs, generate revenue for the DPRK, or serve in an official capacity in the DPRK.  As a result of these designations, all property and interests in property of these designees within the United States or within the possession or control of a U.S. person are blocked, and U.S. persons are generally prohibited from engaging in transactions involving the designated persons.  Entities owned 50 percent or more by one or more blocked persons are also blocked.

U.S. Department of Treasury Press Release