OFAC Designates North Koreans Allegedly Linked to WMD Proliferation
June 27, 2013 Leave a comment
Today the United States Department of the Treasury Office of Foreign Assets Control (“OFAC”) announced the designation of two private North Korean individuals and two North Korean linked entities pursuant to Executive Order 13382. These parties’ names now appear on the List of Specially Designated Nationals and Blocked Persons (SDN List) The move was cited as part of an ongoing effort to disrupt North Korean efforts at procuring ballistic missile and weapons of mass destruction (WMD). Daedong Credit Bank (DCB), together with DCB Finance Limited—a DCB front company—and DCB’s representative Kim Chol Sam were designated pursuant to Executive Order (E.O.) 13382. In addition, the other individual designated, Son Mun San, is the External Affairs Bureau Chief of North Korea’s General Bureau of Atomic Energy (GBAE). The financial operations carried out by DCB, DCB Finance Limited, and Kim Chol Sam are responsible for managing millions of dollars of transactions in support of the North Korean regime’s destabilizing activities.
Those seeking to contest their designations can pursue such reconsideration through the administrative process. Please click here for more information on contesting an OFAC designation. The identifying information on these designations is contained below:
KIM, Chol Sam; DOB 11 Mar 1971; nationality Korea, North; Treasurer, Daedong Credit Bank (individual) [NPWMD];
SON, Mun San; DOB 23 Jan 1951; External Affairs Bureau Chief, General Bureau of Atomic Energy (individual) [NPWMD];
DAEDONG CREDIT BANK (a.k.a. DAE-DONG CREDIT BANK; a.k.a. DCB; a.k.a. TAEDONG CREDIT BANK), Suite 401, Potonggang Hotel, Ansan-Dong, Pyongchon District, Pyongyang, Korea, North; Ansan-dong, Botongang Hotel, Pongchon, Pyongyang, Korea, North; SWIFT/BIC DCBK KPPY [NPWMD];
DCB FINANCE LIMITED, Akara Building, 24 de Castro Street, Wickhams Cay I, Road Town, Tortola, Virgin Islands, British; Dalian, China [NPWMD].
The author of this blog is Erich Ferrari, an attorney specializing in OFAC matters. If you have any questions please contact him at 202-280-6370 or firstname.lastname@example.org.