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TG-247
WASHINGTON – The U.S. Treasury Department today designated a North Korean entity, the KoreaHyoksin Trading Corporation (Hyoksin), under Executive Order 13382 for being owned or controlled by a North Korean entity, the Korea Ryonbong General Corporation (Ryonbong),which was identified in the Annex to E.O. 13382. E.O. 13382freezes the assets of proliferators of weapons of mass destruction (WMD)and their supporters, and it prohibits U.S. persons from engaging in anytransactions with them, thereby isolating them from the U.S. financial and commercialsystems.
The world community is taking forceful action against the arms and agencies of North Korea’s WMD and missile programs, prohibiting dealings with them and banning them from participation in the global financial system, saidOFAC Director Adam J. Szubin. We will continue to do our part to identify and sanction such entities.
On July 16, 2009, Hyoksin wasdesignated by the United Nations Security Council Committee established pursuant to Resolution 1718 for being subordinate to Ryonbong and for its involvement in the development of WMD.Ryonbong, which was alsosanctioned pursuant to Resolution 1718, specializes in acquisition forNorth Korean defense industries and support to Pyongyang’s military-related sales.
These actions were taken pursuant to E.O. 13382, an authority aimed at freezing the assets of proliferators of WMDs and their supporters, and at isolating them from the U.S. financial and commercial systems. Designations under E.O. 13382 are implemented by Treasury’s Office of Foreign Assets Control.