WASHINGTON – The Treasury Department has frozen the assets of a North Korean bank and one of its executives for being involved in the sale of ballistic missiles and other weapons technology.
The department said Friday that the move prohibits U.S. entities from dealing with the Amroggang Development Bank and Kim Tong Myong, the president of North Korea's Tanchon Commercial Bank.
The action is another step in a long-running effort by the U.S. to put financial pressure on North Korea and block the flow of money for missiles and other weapons.
According to Treasury officials, Tanchon is the financial arm of Korea Mining Development Corporation, which is North Korea's primary exporter of materials for ballistic missiles and conventional weapons.
Tanchon already been sanctioned by the U.S. and the UN for being involved in transactions between the corporation and Shahid Hemmat Industrial Group, an Iranian company that is developing ballistic missiles.
Amroggang was established in 2006 and is managed by Tanchon officials, including Kim Tong Myong, who uses the alias Kim Chin-so'k, according to the Treasury Department.
