OFAC targets DPRK weapons organization

On Friday, April 1, 2022, the Treasury Department announced that OFAC had sanctioned five entities for providing support to the Democratic Peoples Republic of Korea's (DPRK’s) development of weapons of mass destruction and ballistic missile programs in violation of multiple United Nations Security Council resolutions. Today’s action targets a DPRK weapons of mass destruction research and development organization that is directly linked to the development of the DPRK’s ICBMs, along with four of its revenue generating subsidiaries.

OFAC designated the DPRK Ministry of Rocket Industry (MoRI) pursuant to E.O. 13382 for being owned or controlled by, or acting or purporting to act for or on behalf of, directly or indirectly, North Korea's Munitions Industry Department. MoRI has worked with overseas representatives from other DPRK organizations in order to support MoRI procurement goals.

Additionally, OFAC designated four MoRI trading companies — Hapjanggang Trading Corporation, Korea Rounsan Trading Corporation, Sungnisan Trading Corporation, and Unchon Trading Corporation — for being owned or controlled by, or acting or purporting to act for or on behalf of, directly or indirectly, MoRI.

For additional identification information on the five entities designated on Friday, see the BankersOnline April 1, 2022 OFAC Update.