US "additional sanctions" on North Korean "foreign currency earning" institutions and individuals

The US has imposed additional sanctions on North Korean institutions and individuals responsible for 'foreign currency earning.'

The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) announced on its website on March 1st (local time) that "three institutions and two individuals have raised funds for the North Korean government and party by earning foreign currency illegally abroad. will be sanctioned."

The sanctions target three institutions, including North Korea's Chilsung Trading Corporation and the Korean Pekko Trading Corporation, as well as North Korean nationals Hwang Gil-soo and Park Hwa-sung, who have been engaged in profit-generating activities for the North Korean government and the Workers' Party of Korea.

So far, the US government has said, "North Korea uses illegal foreign currency earnings to fund its nuclear weapons development, missile development, and weapons of mass destruction (WMD) development programs, and we will cut off such illegal funds at source."

According to OFAC, the Chilseong Trading Corporation is a trading company affiliated with the North Korean regime that illegally earns foreign currency, collects information, and employs intelligence agents disguised as employees.

The Baekho Trading Corporation, an agency under the North Korean People's Armed Forces Ministry, has promoted arts and construction projects in the Middle East and Africa since the 1980s and raised funds for the North Korean regime.

Hwang Gil-soo and Park Hwa-sung also established a company called Congo Aconde SARL in the Democratic Republic of the Congo (DR Congo) to build construction and sculpture statues promoted by the local government of DR Congo. Generated income through projects.

Meanwhile, North Korea has continued its provocations this year, including the test-launch of a Hwasong-15 ICBM (intercontinental ballistic missile) that puts the US mainland within range on March 18th.

US and South Korean intelligence agencies are stepping up intelligence-gathering and surveillance activities, believing that "North Korea may test-launch an ICBM equipped with a solid propellant and conduct a nuclear test in the near future."