US Treasury overhauls sanctions list, removes outdated North Korean entity

Courtesy of the U.S. Treasury Department's Office of Foreign Assets Control (OFAC)

SEOUL, July 28 (AJP) - A North Korean firm linked to the country's nuclear and missile development programs was among those removed and consolidated as part of the U.S. Treasury Department's effort to modernize its sanctions lists, the department said on Monday.

The department's Office of Foreign Assets Control (OFAC) said it "removed 84 individuals and entities and improved identifying information for 22 list entries to facilitate compliance."

OFAC said its modernization effort is intended to improve the accuracy of its records, ensuring that "U.S. sanctions remain targeted, effective, and aligned with U.S. economic, foreign policy, and national security priorities."

It added that the affected individuals and entities were "no longer considered" U.S. national security or foreign policy priorities, as they were "deceased individuals, defunct entities, and targets sanctioned more than 20 years ago, some of whom lacked sufficient information for effective compliance screening."

Among them was North Korea's Korea Tangun Trading Corporation, which is known to be involved in procuring materials and technology for the country's weapons programs. OFAC consolidated several names associated with the entity including aliases and affiliated organizations.

The company was sanctioned in 2009 for allegedly supporting North Korea's nuclear and missile development programs.

OFAC's latest move comes after Treasury Secretary Scott Bessent announced plans in late May to modernize U.S. sanctions lists by removing duplicate entries and outdated information, while making it easier and more efficient for financial institutions to identify sanctioned entities.