Wed. Jun 19th, 2024
Designating Those Generating Revenue for the DPRK

The United States is committed to countering the Democratic People’s Republic of Korea’s (DPRK) efforts to generate revenue for its unlawful weapons of mass destruction (WMD) and ballistic missile programs.  Today, we are taking action against three entities and two individuals that have attempted to do so.

The Department of the Treasury’s Office of Foreign Assets Control (OFAC) is designating Chilsong Trading Corporation and Korea Paekho Trading Corporation pursuant to Executive Order (E.O.) 13687 for being agencies, instrumentalities, or controlled entities of the DPRK Government.  OFAC is also designating Hwang Kil Su and Pak Hwa Song, as well as an entity owned or controlled by Pak, Congo Aconde SARL, pursuant to E.O. 13810.

These entities and individuals have all generated revenues, which the DPRK utilizes for its weapons programs.  Pak and Hwang established Congo Aconde SARL in the Democratic Republic of the Congo to earn revenue from construction and statue-building projects with local governments.  Chilsong is subordinate to the DPRK Government, which uses trading companies like Chilsong to earn foreign currency, collect intelligence, and provide cover status for intelligence operatives.  Paekho has generated funds for the DPRK government since the 1980s by conducting art and construction projects on behalf of governments throughout the Middle East and Africa.  Paekho is subordinate to the UN- and U.S.-designated DPRK Ministry of People’s Armed Forces.

Today’s action further aligns U.S. sanctions with our international partners.  The European Union previously designated Chilsong, Paekho, Pak, and Hwang for engaging in sanctions evasion and being responsible for supporting the DPRK’s unlawful nuclear and ballistic missile programs.

For more information on these actions, see Treasury’s press release .

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originally published at Politics - JISIP NEWS