OFAC Sanctions North Korean Company, Affiliates for Sanctions Evasion
The Office of Foreign Assets Control this week designated North Korea-based Korea Sobaeksu Trading Company and three people working closely with the company for helping North Korea evade sanctions. OFAC said Kim Se Un, Jo Kyong Hun and Myong Chol Min are either employed by the company or work with it to help generate revenue for the North Korean government, including by deploying information technology workers overseas to earn money.
Sign up for a free preview to unlock the rest of this article
Communications Daily is required reading for senior executives at top telecom corporations, law firms, lobbying organizations, associations and government agencies (including the FCC). Join them today!
The government uses Korea Sobaeksu to dispatch IT teams around the world "to generate revenue alongside other illicit trade activities, in violation of U.S. and UN sanctions," the Treasury Department said. The company has specifically deployed IT workers to Vietnam.
OFAC Director Bradley Smith said Treasury "will continue to hold accountable those who seek to infiltrate global supply chains and enable the sanctions evasion activities that further" the North Korean government's "destabilizing agenda.”