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 Treasury Targets North Korean Entities for Supporting WMD Proliferation


10/21/2005

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The U.S. Department of the Treasury today designated eight North Korean entities pursuant to Executive Order 13382, an authority aimed at freezing the assets of proliferators of weapons of mass destruction (WMD) and their delivery vehicles.  Today's action prohibits all transactions between the designated entities and any U.S. person and freezes any assets the entities may have under U.S. jurisdiction. 

"Proliferators of WMD often rely on front companies to mask their illicit activities and cover their tracks," said Stuart Levey, the Treasury's Under Secretary for Terrorism and Financial Intelligence (TFI).  "Today's action turns a spotlight on eight firms involved in WMD proliferation out of North Korea.  We will continue to expose and designate these dangerous actors." 

Today's action builds on President Bush's issuance of E.O. 13382 on June 29, 2005.  The Order carried with it an annex that designated eight entities � operating in North Korea, Iran, and Syria � for their support of WMD proliferation.  The President at that time also authorized the Secretaries of Treasury and State to designate additional entities and individuals proliferating WMD and the missiles that carry them.

Korea Mining Development Corporation (KOMID), which was designated in the annex of E.O. 13382, is the parent company of two of the Pyongyang-based entities designated today, Hesong Trading Corporation and Tosong Technology Trading Corporation.  These direct associations meet the criteria for designation because the entities are owned or controlled by, or act or purport to act for or on behalf of KOMID.

Korea Ryonbong General Corporation, also named in the annex, is the parent company of the remaining six Pyongyang-based entities designated today.  These entities include Korea Complex Equipment Import Corporation, Korea International Chemical Joint Venture Company, Korea Kwangsong Trading Corporation, Korea Pugang Trading Corporation, Korea Ryongwang Trading Corporation, and Korea Ryonha Machinery Joint Venture Corporation.

As subsidiaries of KOMID and Korea Ryonbong General Corporation, many of these entities have engaged in proliferation-related transactions.

Identifying Information

HESONG TRADING CORPORATION
Pyongyang, North Korea

KOREA COMPLEX EQUIPMENT IMPORT CORPORATION
Rakwon-dong, Pothonggang District, Pyongyang, North Korea

KOREA INTERNATIONAL CHEMICAL JOINT VENTURE COMPANY
AKA:  CHOSON INTERNATIONAL CHEMICALS JOINT OPERATION COMPANY
AKA:  CHOSUN INTERNATIONAL CHEMICALS JOINT OPERATION COMPANY
AKA:  INTERNATIONAL CHEMICAL JOINT VENTURE CORPORATION
Hamhung, South Hamgyong Province, North Korea
Man gyongdae-kuyok, Pyongyang, North Korea
Mangyungdae-gu, Pyongyang, North Korea

KOREA KWANGSONG TRADING CORPORATION
Rakwon-dong, Pothonggang District, Pyongyang, North Korea

KOREA PUGANG TRADING CORPORATION
Rakwon-dong, Pothonggang District, Pyongyang, North Korea

KOREA RYONGWANG TRADING CORPORATION
AKA:  KOREA RYENGWANG TRADING CORPORATION
Rakwon-dong, Pothonggang District, Pyongyang, North Korea

KOREA RYONHA MACHINERY JOINT VENTURE CORPORATION
AKA: CHOSUN YUNHA MACHINERY JOINT OPERATION COMPANY
AKA: KOREA RYENHA MACHINERY J/V CORPORATION
AKA: RYONHA MACHINERY JOINT VENTURE CORPORATION
Central District, Pyongyang, North Korea
Mangungdae-gu, Pyongyang, North Korea
Mangyongdae District, Pyongyang, North Korea

TOSONG TECHNOLOGY TRADING CORPORATION
Pyongyang, North Korea

Recognizing the need for additional tools to combat the proliferation of WMD, President Bush signed Executive Order 13382 authorizing the imposition of strong financial sanctions against not only WMD proliferators, but also entities and individuals providing support or services to proliferators. 

The designations announced today are part of the ongoing interagency effort by the United States Government to combat WMD trafficking by blocking the property of entities and individuals that engage in proliferation activities and their support networks.


 

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