New OFAC designations in response to North Korea ‘ongoing development of WMD’

The US Department of the Treasury’s Office of Foreign Assets Control (‘OFAC’) sanctioned, on 24 January, nine entities, 16 individuals, and six vessels in response ‘to North Korea’s ongoing development of weapons of mass destruction (WMD) and continued violations of United Nations Security Council Resolutions (UNSCRs).’

OFAC said the sanctions targeted ‘agents of the Kim regime financing or otherwise supporting North Korea’s WMD programs and other illicit businesses.’

The targets include ‘illicit actors in China, Russia, and elsewhere who are working on behalf of North Korean financial networks’ and ‘additional oil, shipping, and trading companies that continue to provide a lifeline to North Korea to fuel this regime’s nuclear ambitions and destabilizing activities.’

The designated parties include 10 representatives of the Korea Ryonbong General Corporation, which, OFAC says, specialises in acquisition for North Korean defence industries and support to Pyongyang’s military-related sales (and that a company office in Ji’an, China ‘handled large quantities of a wide variety of multi-purpose goods such as chemicals, drilling equipment, hoses, metals, and machines.’).

Other targets are five individuals linked to financial networks (four of whom are based in China and one in Russia. OFAC is calling on those countries to expel the individuals from their territory); two trading companies (Beijing Chengxing Trading Co. Ltd. and Dandong Jinxiang Trade Co.), electronics company Hana Electronics JVC; several shipping companies and vessels, and North Korea’s Ministry of Crude Oil Industry.

For identifying information see:
https://www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/Pages/20180124.aspx