The US Treasury Department has targeted the Amroggang Development Bank for its connections with the Tanchon Commercial Bank.
According to Reuters:
Tanchon was previously hit with sanctions by both the United States and the United Nations Security Council for its involvement in Pyongyang’s proliferation activities.
Treasury said assets of Tanchon under U.S. jurisdiction are frozen and Americans are banned from any dealing with it. It said that Tanchon’s president, Kim Tong Myong, also was being added to the list of weapons proliferators.
Treasury described Amroggang as a Tanchon-related company run by Tanchon officials. It said Tanchon helps finance Korea Mining Development Corp’s sales of ballistic missiles and has been involved in Komid’s ballistic missile transactions with an Iranian industrial group.
The UN Security Council has also sanctioned several companies and individuals (here).
Here is a link to the Treasury Department Statement. Some text below:
Amroggang, which was established in 2006, is a Tanchon-related company managed by Tanchon officials. Tanchon, the financial arm of the U.S. and UN-designated North Korean company Korea Mining Development Corporation (KOMID), plays a role in financing KOMID’s sales of ballistic missiles and has also been involved in ballistic missile transactions from KOMID to Iran’s Shahid Hemmat Industrial Group (SHIG), the U.S. and UN-designated Iranian organization responsible for developing liquid-fueled ballistic missiles. KOMID is North Korea’s premiere arms dealer and main exporter of goods and equipment related to ballistic missiles and conventional weapons.
A North Korean individual Kim Tong Myong was also designated today for acting on behalf of Tanchon. Kim Tong Myong has held various positions within Tanchon since at least 2002 and is currently Tanchon’s President. He has also played a role in managing Amroggang’s affairs using the alias Kim Chin-so’k.
Read the full Reuters article here:
Treasury puts North Korean bank on blacklist