US sanctions another NKorean bank

AP News
Posted: Jun 27, 2013 12:31 PM

WASHINGTON (AP) — The U.S. Treasury is sanctioning a North Korean bank and its China-based representative in the latest step to disrupt Pyongyang's nuclear and missile programs and pressure the government.

Treasury says that since at least 2007, Daedong Credit Bank has facilitated hundreds of financial transactions worth millions of dollars on behalf of Pyongyang's premier arms dealer as well as its main financial arm.

Also Thursday, the U.S. put Kim Chol Sam, the bank's Dalian, China-based representative, on its sanctions list, and its front company, DCB Finance Limited, which is registered in the British Virgin Islands and also operates out of China.

Treasury said the designations are a follow-up to the tightening of U.N. sanctions in March, intended curtail North Korea's weapons programs after it conducted its third nuclear test since 2006.