US Treasury Sanctions Companies Assisting Overseas Deployment of North Korean Workers

[Asia Economy New York=Special Correspondent Baek Jong-min] The U.S. Department of the Treasury on the 14th (local time) sanctioned North Korean companies and lodging facilities that violated UN sanctions on North Korea by assisting the dispatch of overseas workers.

According to a press release announced by the Treasury Department's Office of Foreign Assets Control on the same day, the sanctioned entities are Namgang Trading Company and Beijing Lodging. The Treasury explained that Namgang Trading Company generated income for the North Korean government through the export of North Korean workers, and Beijing Lodging operated related lodging facilities in China.

U.S. Treasury Secretary Steve Mnuchin pointed out, "The dispatch of North Korean overseas workers violates UN sanctions and provides illegal income to the North Korean government."

The Treasury Department warned that all assets of the sanctioned companies and facilities within the United States will be frozen, and foreign financial institutions that engage in transactions with them may face the U.S. secondary boycott (secondary sanctions).

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