OFAC TARGETS RUSSIAN BANK AND OTHER FACILITATORS OF NORTH KOREAN UN SANCTIONS VIOLATIONS

On 3rd August, OFAC announced it had designated –

  • Russian-registered Agrosoyuz Commercial Bank (Agrosoyuz) for knowingly conducting or facilitating a significant transaction on behalf of Han Jang Su, the Moscow-based chief representative of Foreign Trade Bank (FTB), North Korea’s primary foreign exchange bank
  • Ri Jong Won, the Moscow-based deputy representative of FTB;
  • Dandong Zhongsheng Industry & Trade Co., Ltd. (Zhongsheng) – an associated FTB front company; and
  • Korea Ungum Corporation (Ungum) – an associated FTB front company

Both Han Jang Su and FTB were already designated by the US and by the UN Sanctions Committee established pursuant to UN SCR 1718 (2006).

https://home.treasury.gov/news/press-releases/sm454

https://www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/Pages/20180803.aspx

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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