April 19, 2011--
North Korean Bank Designated by OFAC
The Treasury Department's Office of Foreign Assets Control (OFAC) today provided background information on its designation of the Bank of East Land (AKA Dongbang Bank) under Executive Order 13551, targeting North Korea’s importation and exportation of arms, importation of luxury goods, and other illicit activities, including money laundering, the counterfeiting of goods and currency, bulk cash smuggling, and narcotics trafficking.
The following entity has been added to OFAC's SDN list:
BANK OF EAST LAND (a.k.a. DONGBANG BANK; a.k.a. TONGBANG BANK; a.k.a. TONGBANG U'NHAENG), PO Box 32, BEL Building, Jonseung-Dong, Moranbong District, Pyongyang, Korea, North; SWIFT/BIC BOEL KP PY (Korea, North) [DPRK]