OFAC Sanctions North Korea-Linked Banks and Representatives

The U.S. Department of the Treasury Office of Foreign Assets Control ("OFAC") designated eight banks and twenty-six individuals linked to North Korean financial networks, and identified two additional banks as being part of the government of North Korea. As a result, any property or property interests of the designated persons in the possession or control of U.S. persons, or within the United States, must be blocked.

According to Treasury, the eight banks added to the Specially Designated Nationals list were determined to be operating in the financial services industry in the North Korean economy (designated pursuant to Executive Order 13810). The individuals are North Korean nationals who act as representatives of North Korean banks operating in China, Russia, Libya and the United Arab Emirates (designated pursuant to Executive Orders 13687 and 13810). OFAC also identified the Foreign Trade Bank of the Democratic People's Republic of Korea (North Korea's primary foreign exchange bank) and the Central Bank of the Democratic People's Republic of Korea as "blocked agencies, instrumentalities, or controlled entities of the Government of North Korea" (designated pursuant to Executive Order 13722).

Treasury Secretary Steven T. Mnuchin said that the action "further advances [U.S.] strategy to fully isolate North Korea in order to achieve our broader objectives of a peaceful and denuclearized Korean peninsula."

These actions complement United Nations Security Council Resolution 2375, which was unanimously adopted on September 11, 2017.