Government Imposes Financial Sanctions on North Korea's Missile Funding... Responding to ICBM Provocations

"North Korea's Provocations Will Surely Have Consequences"

The government has taken independent sanctions against North Korea in response to the launch of North Korea's new intercontinental ballistic missile (ICBM), the Hwasong-19.

The Ministry of Foreign Affairs announced on the 1st that independent sanctions will be applied as of the 6th against 11 North Koreans and 4 organizations involved in missile development and foreign currency earning.

Included in the sanctions targets are Choi Kwang-su, former head of the North Korean Economic and Trade Mission in Mozambique, who was involved in the export of North Korean weapons and related items; and Park Chun-san, Seo Dong-myung, Kim Il-su, Choi Chun-sik, and Kang Seong-sam, who were affiliated with the Choson Minjok Insurance Corporation and involved in funding for nuclear and missile development. The Choson Minjok Insurance Corporation is a North Korean state-owned finance and insurance company reportedly linked to Room 39, a foreign currency earning agency under the Workers' Party of Korea.

Choi Cheol-min, a diplomat at the North Korean Embassy in China and part of the Second Academy of Natural Sciences, North Korea's advanced weapons research and development institution, was sanctioned for facilitating the procurement of ballistic missile parts and dual-use items and dispatching over 1,000 workers to China. His spouse, Choi Eun-jung, was also designated for sanctions for involvement in procuring dual-use items used in North Korea's ballistic missile development. This couple was added to the U.S. sanctions list last year.

Additionally, the other three individuals on the sanctions list?Rim Seong-sun, Choi Seong-cheol, and Joo Yang-won?secured and managed construction projects while residing in Senegal and remitted the profits to the North Korean regime. The four organizations (Dongbang Construction, Pattison Co., Geumneung Corporation, and EMG Universal Auto) were involved in foreign currency earning through North Korean overseas workers in Senegal.

The government stated, "We point out that North Korea has once again violated United Nations Security Council resolutions by deploying combat troops to Russia's illegal invasion war in Ukraine and launching an ICBM, and we strongly condemn North Korea's provocative behavior."

It added, "We have clearly stated that provocations by North Korea will inevitably have consequences, and we will continue to closely cooperate with the international community so that North Korea realizes this fact, ceases provocations, and returns to denuclearization."

Financial and foreign exchange transactions with those designated for independent sanctions require prior approval from the Financial Services Commission or the Governor of the Bank of Korea according to relevant laws. Transactions without permission may be subject to penalties.