On 1 March, OFAC announced that it had sanctioned 3 entities and 2 individuals illicitly generating revenue in support of the government of the Democratic People’s Republic of Korea (DPRK). Chilsong Trading Corporation and Korea Paekho Trading Corporation are agencies, instrumentalities, or controlled entities of the Government of North Korea or the Workers’ Party of Korea. Chilsong is subordinate to the Government of North Korea, which uses trading companies like Chilsong to earn foreign currency, collect intelligence, and provide cover status for intelligence operatives. Paekho has generated funds for the DPRK government since the 1980s by conducting art and construction projects on behalf of regimes throughout the Middle East and Africa. Hwang Kil Su and Pak Hwa Song established Congo Aconde SARL in the DRC to earn revenue from construction and statue-building projects with local governments. The EU has previously designated Chilsong, Paekho, Pak, and Hwang for engaging in sanctions evasion and being responsible for supporting the DPRK’s nuclear and ballistic missile programs.
https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20230301
https://home.treasury.gov/news/press-releases/jy1313
https://www.buymeacoffee.com/KoIvM842y
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