Designated by the U.N. Security Council on November 30, 2016, pursuant to resolution 2321 (2016), as an entity responsible for North Korea’s nuclear-related, ballistic missile-related, or other weapons of mass destruction (WMD)-related programs; the designation requires (with some exceptions) states to freeze funds, financial assets and economic resources on their territories that are owned or controlled, directly or indirectly, by the entity, and to ensure that funds, financial assets and economic resources are prevented from being made available by their nationals or by persons or entities within their territories, to or for the benefit of the entity.
Added on June 27, 2013 to the Specially Designated Nationals (SDN) list maintained by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), freezing its assets under U.S. jurisdiction and prohibiting transactions with U.S. parties, pursuant to Executive Order 13382, which targets proliferators of WMD and their delivery systems; listed by the Japanese government in 2016 as an entity of concern for proliferation relating to missiles and chemical, biological, and nuclear weapons.
Assisted Daedong Credit Bank in completing financial transactions with foreign companies seeking to avoid doing business with North Korea; bank official Kim Chol Sam managed financial transactions on behalf of DCB Finance Limited; company officials have also included Nigel Cowie, a British businessman who lives in Pyongyang and was the CEO of Daedong Credit Bank until 2011.
Registered in the British Virgin Islands (BVI), and also operates in China; reportedly exports goods from China.
Shares an address in the British Virgin Islands with front companies for Dandong Hongxiang Industrial Development Co., Ltd. (DHID), a China-based company that trades extensively with North Korea and has facilitated transactions for entities connected to North Korea’s WMD programs.
|ENTITY ALIASES:||DCB Finance Ltd.
Daedong Credit Bank Finance Limited
|ADDRESS:||Akara Building, 24 de Castro Street, Wickhams Cay I, Road Town, Tortola, British Virgin Islands
7/F, Hong Kong Trade Center, 161-167 Des Voeux Road Central, Hong Kong, China