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U.S. imposes sanctions on 3 entities, 2 individuals generating illicit revenue for N. Korea

Diplomacy 01:43 March 02, 2023

By Byun Duk-kun

WASHINGTON, March 1 (Yonhap) -- The United States on Wednesday imposed sanctions on three companies and two individuals illicitly generating revenue for North Korea's weapons development programs.

The U.S. Department of Treasury said the three companies include Chilsong Trading Corporation, which is subordinate to the government of North Korea, and Korea Paekho Trading Corporation, subordinate to North Korea's Ministry of Defence.

"The DPRK's unlawful weapons of mass destruction and ballistic missile programs threaten international security and regional stability," Under Secretary of Treasury for Terrorism and Financial Intelligence Brian Nelson was quoted as saying.

"The United States remains committed to targeting the regime's global illicit networks that generate revenue for these destabilizing activities," the treasury department said in a press release.

DPRK stands for the Democratic People's Republic of Korea, North Korea's official name.

The department said Korea Paekho has "generated funds for the DPRK government since the 1980s by conducting art and construction projects on behalf of regimes throughout the Middle East and Africa."

The treasury department also designated Hwang Kil-su and Pak Hwa-song, along with their business Congo Aconde SARL, which they established in Congo to generate "revenue from construction and statue-building projects with local governments."




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