Korea, North

1978-05-06

Shenyang, China

Han Chol Man is a Shenyang, China-based representative of U.S- and UN-designated Kumgang Bank. From 2019 to 2023, Han Chol Man coordinated or facilitated over $1 million in payments between China and DPRK for several DPRK banks. During 2023, Han Chol Man coordinated over $600,000 in payment orders with a bank that is subordinate to the U.S. and UN-designated Munitions Industry Department (MID). Han Chol Man is being designated pursuant to E.O. 13722 for acting or purporting to act for or on behalf of, directly or indirectly, of Kumgang Bank. Today the ROK is also designating Yu Pu Ung, Jong Song Ho, Han Chol Man, and O In Chun for evading sanctions and funding the DPRK’s nuclear and missile programs through illegal financing and money laundering activities.

https://home.treasury.gov/news/press-releases/jy2215

2024-03-27

US

Executive Order 13722 of March 15, 2016 Blocking Property of the Government of North Korea and the Workers’ Party of Korea, and Prohibiting Certain Transactions 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 March 15, 2016, the President issued E.O. 13722 pursuant to, inter alia, IEEPA, the NEA, the UNPA, and the North Korea Sanctions and Policy Enhancement Act of 2016 (22 U.S.C. § 9201 et seq.) (the NKSPEA), to take additional steps to address the national emergency declared in E.O. 13466 and expanded in E.O. 13551, in light of further North Korean nuclear and ballistic missile tests. E.O. 13722 was issued to ensure implementation of certain provisions of UNSCR 2270 of March 2, 2016 and the NKSPEA; it strengthened export and other trade restrictions against North Korea; and imposed a comprehensive blocking of the Government of North Korea and the Workers’ Party of Korea.

SDN