Chongryu 3-dong, Taedonggang District, Pyongyang, Korea, North

OFAC is designating Chilsong Trading Corporation (Chilsong) and Korea Paekho Trading Corporation (Paekho) pursuant to Executive Order (E.O.) 13687 for being 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. Paekho is subordinate to the DPRK Ministry of People’s Armed Forces (MPAF), which OFAC designated on June 1, 2017, pursuant to E.O. 13722. The United Nations (UN) designated MPAF in December 2017; pursuant to UN Security Council resolution 1718 (2006) and subsequent resolutions, no business may be conducted with or economic resources made available to MPAF or any individuals or entities acting for or on its behalf, including Paekho.

https://home.treasury.gov/news/press-releases/jy1313

2023-03-01

US

Executive Order 13687 of January 2, 2015 Imposing Additional Sanctions With Respect To North Korea

OFAC country specific / UN

Democratic People's Republic of Korea

Blocking Property, Suspending Entry, Trade sanctions

• https://ofac.treasury.gov/faqs/topic/1556 460. Can U.S. persons do business with entities in North Korea? No. Unless authorized pursuant to a general or specific license from OFAC and/or BIS, Executive Order (E.O.) 13722 prohibits new investment in North Korea by a U.S. person and the exportation or reexportation, from the United States, or by a U.S. person, of any goods, services, or technology to North Korea. E.O. 13810 (“Imposing Additional Sanctions with Respect to North Korea”) does not modify any of those prohibitions.

On January 2, 2015, the President issued E.O. 13687 pursuant to, inter alia, IEEPA and the NEA, to take additional steps to address the national emergency declared in E.O. 13466 and expanded in E.O. 13551. E.O. 13687 provides for the blocking of property and interests in property of certain persons with respect to North Korea.

SDN