OFAC Designates North Korean Bank and Related Firms for Alleged Weapons Ties

By Brian Monroe

The U.S. Treasury Department blacklisted a North Korean bank and a related firm Thursday for their alleged role in facilitating the country's weapons programs. Since 2007, Daedong Credit Bank has processed hundreds of transactions worth millions of dollars on behalf of one Pyongyang's largest arms dealers, Korea Mining Development Trading Corporation, and Tanchon Commercial Bank, a financial institution blacklisted under a 2006 executive order, U.S. officials said. The credit bank also made use of DCB Finance Limited, a company registered in the British Virgin Islands that operates out of China, to process transactions without drawing international scrutiny, the department's Office...