U.S. sanctions another N. Korean bank for WMD involvement: Treasury Dept.

By Hwang Doo-hyong
WASHINGTON, Aug. 11 (Yonhap) -- The United States Tuesday blacklisted another
North Korean financial institution for its affiliations with North Korean firms
and banks already sanctioned under a United Nations resolution adopted after
North Korea's nuclear test in May.

In a statement, the Department of Treasury said it has "designated the Korea
Kwangson Banking Corp. (KKBC) under Executive Order (E.O.) 13382 for providing
financial services in support of both Tanchon Commercial Bank (Tanchon) and Korea
Hyoksin Trading Corporation (Hyoksin), a subordinate of the Korea Ryonbong
General Corporation (Ryonbong)."
Executive Order 13382 "freezes the assets of proliferators of weapons of mass
destruction and their supporters and prohibits U.S. persons from engaging in
transactions with them, thereby isolating them from the U.S. financial and
commercial systems."
Tanchon, Ryonbong and Hyoksin have already been listed by the U.N. resolution as
well as the Treasury Department for their involvement in the North Korean WMD
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," Under Secretary for
Terrorism and Financial Intelligence Stuart Levey said.
KKBC is based in North Korea and has operated at least one overseas branch, in
Dandong, China, according to the department.
hdh@yna.co.kr
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