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N. Korean bank, company and individual sanctioned by Treasury Dept.

June 27, 2013 at 2:51 PM   |   Comments

WASHINGTON, June 27 (UPI) -- A bank, a front company and an official tied to North Korea's weapons of mass destruction programs are subject to sanctions, the U.S. Treasury Department said.

Daedong Credit Bank -- along with its front company DCB Finance Limited and DCB's representative Kim Chol Sam -- were designated under an executive order that targets proliferators of WMD and their supporters, the Treasury Department said Thursday in a release.

Financial operations carried out by DCB, DCB Finance Limited, and Kim Chol Sam are responsible for managing "millions of dollars" in transactions that support the North Korean regime's "destabilizing activities," the department said.

The Treasury Department said Son Mun San, the external affairs bureau chief of North Korea's General Bureau of Atomic Energy, would be subject to sanctions for his work directing North Korea's nuclear-related research efforts.

The GBAE, already under U.S. and U.N. sanctions, is responsible for North Korea's nuclear program.

"North Korea's dangerous and destabilizing illicit nuclear and ballistic missile program continues apace, supported by North Korean financial institutions like Daedong Credit Bank," said David S. Cohen, undersecretary for terrorism and financial intelligence. "We are committed to increasing the sanctions pressure on North Korea until it complies with its international obligations."

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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