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US imposes sanctions on North Korean bank
Washington (AFP) Aug 11, 2009 The United States slapped sanctions Tuesday on a bank in nuclear-armed North Korea for providing services to institutions blacklisted for links to the communist nation's illicit weapons programs. The Treasury said that the assets of Korea Kwangson Banking Corp (KKBC) would be frozen and Americans prohibited from engaging in transactions with the bank in a bid to isolate it from the US financial and commercial systems. KKBC was targeted for providing services to two North Korean institutions accused by the United States of being "weapons of mass destruction proliferators," a Treasury statement said. The institutions were Tanchon Commercial Bank (Tanchon) and Korea Hyoksin Trading Corporation (Hyoksin), a subordinate of the Korea Ryonbong General Corporation (Ryonbong). KKBC is based in North Korea and has operated at least one overseas branch in Dandong, China. All three entities have also been blacklisted by the United Nations for alleged roles in North Korea's unconventional weapons and missile programs. "North Korea's use of a little-known bank, KKBC, to mask the international financial business of sanctioned proliferators demonstrates the lengths to which the regime will go to continue its proliferation activities and the high risk that any business with North Korea may well be illicit," said Treasury's under secretary for terrorism and financial intelligence, Stuart Levey. Since 2008, the Treasury said Tanchon had been utilizing KKBC to facilitate funds transfers, likely amounting to millions of dollars, including transfers of funds from Myanmar to China involving Korea Mining Development Trading Corporation (KOMID). KOMID had been identified by the United States as North Korea's premier arms dealer and main exporter of goods and equipment related to ballistic missiles and conventional weapons. Tanchon, the financial arm of KOMID, plays a "key role" in financing KOMID's sales of ballistic missiles, the statement said. Additionally, Hyoksin sought to use KKBC in connection with a purchase of dual-use equipment in 2008, it said. Last month, US President Barack Obama, using emergency powers, extended a set of economic sanctions on North Korea for another year because of the communist state's nuclear and missile programs. North Korea has vowed to build more nuclear bombs and to start a new weapons program based on uranium enrichment in response to the sanctions. Share This Article With Planet Earth
Related Links Learn about nuclear weapons doctrine and defense at SpaceWar.com Learn about missile defense at SpaceWar.com All about missiles at SpaceWar.com Learn about the Superpowers of the 21st Century at SpaceWar.com
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