The United States has imposed sanctions on three entities and two individuals accused of illicitly generating revenue for the North Korean government and party.
The Office of Foreign Assets Control(OFAC) under the Department of the Treasury said on Wednesday that the sanctions target the regime’s global illicit networks that generate revenue for its unlawful weapons of mass destruction and ballistic missile programs.
In sanctioning Chilsong Trading Corporation and Korea Paekho Trading Corporation, the OFAC said the former is used by the North Korean government to collect intelligence and earn foreign currency, while the latter has generated funds for the regime since the 1980s by conducting art and construction projects throughout the Middle East and Africa.
The third entity was established in the Democratic Republic of Congo by the two individuals sanctioned, Hwang Kil-su and Pak Hwa-song, who used the company to raise revenue for the North Korean government through construction and statue-building projects for local governments.
Under the sanctions, transactions with the entities and individuals will be banned and all of the property and assets in the U.S. connected to them will be frozen.
The sanctions come about two weeks after North Korea launched a Hwasong-15 intercontinental ballistic missile.