Government Sanctions 15 Individuals Including Members of North Korea's 313 General Bureau Involved in Foreign Currency Earning

Nuclear Development Funding Sanctions... 15 Individuals and 1 Organization Penalized

The government has imposed independent sanctions on 15 individuals and one organization involved in earning foreign currency in the IT sector overseas while financing North Korea's nuclear and missile development. A significant number of these individuals are affiliated with the 313th Bureau under the Military Industry Department of the Workers' Party of Korea and have been deployed abroad to engage in foreign currency earning activities.

On the 26th, the Ministry of Foreign Affairs announced that it had designated 15 North Korean IT personnel and one related organization as targets of independent sanctions against North Korea. This move comes less than ten days after designating 11 individuals and 15 organizations involved in illegal military cooperation between North Korea and Russia and financing North Korea's nuclear and missile programs as sanction targets on the 17th.

Among those sanctioned are 14 individuals?Park Heung-ryong, Yoon Jeong-sik, Ri Il-jin, Kim Kyung-il, Kang Hyun-cheol, Kim Cheol-min, Ri Geum-hyung, Kim Ryu-seong, Hwang Cheol, An Kwang-il, Han Il-nam, Seung Cheol-beom, Ri Young-rim, and Park Dong-hyun?who belong to the 313th Bureau under the Military Industry Department of the Workers' Party of Korea. They have been stationed in cities such as Shenyang, Dandong, Yanji, Changchun, and Dalian in China, engaging in foreign currency earning activities through the IT sector.

The Military Industry Department oversees North Korea's weapons production and research and development, including its ballistic missile program, and is already listed as a target of United Nations Security Council sanctions. The Ministry of Foreign Affairs explained that the 313th Bureau dispatches a majority of North Korea's overseas IT personnel and that the foreign currency earned by these personnel is used to fund nuclear and missile development. Furthermore, it is understood that they are also involved in software development for the military sector.

Kim Cheol-min was investigated for remitting large sums of foreign currency earned through disguised employment at companies in the United States and Canada to Pyongyang. In the case of Kim Ryu-seong, he was indicted by a local court on the 11th for violating U.S. independent sanctions over several years.

Additionally, the Chosun Geumjeong Economic Information Technology Exchange Company, which has sent a significant number of IT personnel overseas to remit large military funds to the Kim Jong-un regime, and Shin Jeong-ho, who has served as the head of its Dandong office, were also included in the sanctions targets.

An official from the Ministry of Foreign Affairs stated, "North Korea continues illegal foreign currency earning through virtual asset theft, securing work orders for overseas IT personnel, and hacking," adding, "These acts seriously threaten international peace and security." According to global blockchain analytics firm Chainalysis, North Korea has stolen approximately $1.3 billion this year, accounting for 61% of the world's total cryptocurrency thefts. This is also the largest amount ever recorded, equivalent to about 1.9027 trillion Korean won.

These sanctions will take effect from midnight on the 30th through publication in the official gazette. Financial and foreign exchange transactions with the sanctioned individuals or organizations require prior approval from the Financial Services Commission or the Governor of the Bank of Korea, and failure to obtain such approval may result in penalties.