| Company type | Bank |
|---|---|
| Industry | Foreign-exchange reserves |
| Headquarters | FTB Building, Jungsong-dong, Seungri Street, Central District, , |
Key people | O Kwang-chol (President) [1] |
| Owner | Government of North Korea |
| Korean name | |
| Chosŏn'gŭl | 조선무역은행 |
| Hancha | 朝鮮貿易銀行 |
| Revised Romanization | Joseon muyeog eunhaeng |
| McCune–Reischauer | Chosŏn muyŏk ŭnhaeng |
The Foreign Trade Bank of the Democratic People's Republic of Korea (Joson Trade Bank) is North Korea's primary foreign exchange bank, and is owned and run by the North Korean government. [2]
On March 11, 2013, the United States designated the bank as falling under US executive order 13382, which applies to "proliferators of weapons of mass destruction and their supporters". The order freezes all assets, and prohibits any transactions between US entities and the bank. [3]
On May 7, 2013, the state-controlled Bank of China announced that they would stop all dealings with the Foreign Trade Bank. China has in the past been reluctant to sanction North Korea, even though China has been very unsatisfied with North Korea's aggressive stance and pursuit of nuclear weapons. Stopping the dealing with the Foreign Trade Bank is seen as a significant signal by China to put pressure on North Korea. [4]
On August 5, 2017 the UN Security Council adopted Resolution 2371 expanding financial sanctions [5] to include the bank. [6] [7] [8]
After UN Security Council Resolution 2094 was adopted in March 2013, several Chinese banks will not deal with the Foreign Trade Bank. [9]
The United States Department of the Treasury has designated Dandong Zhongsheng Industry & Trade Co Ltd and Korea Ungum Corporation as FTB front companies, and sanctioned the Moscow-based Agrosoyuz Commercial Bank for facilitating transactions for the FTB. [10]
The Office of Foreign Assets Control (OFAC) is a financial intelligence and enforcement agency of the U.S. Treasury Department. It administers and enforces economic and trade sanctions in support of U.S. national security and foreign policy objectives. Under Presidential national emergency powers, OFAC carries out its activities against foreign states as well as a variety of other organizations and individuals, like terrorist groups, deemed to be a threat to U.S. national security.
Economic sanctions are commercial and financial penalties applied by states or institutions against states, groups, or individuals. Economic sanctions are a form of coercion that attempts to get an actor to change its behavior through disruption in economic exchange. Sanctions can be intended to compel or deterrence.
United Nations Security Council Resolution 1695, adopted unanimously on July 15, 2006, after recalling resolutions 825 (1993) and 1540 (2004) concerning North Korea and the non-proliferation of weapons of mass destruction respectively, the Council banned the selling of material that would further the ability of the Democratic People's Republic of Korea to bolster its ballistic missiles programme.
United Nations Security Council Resolution 1718 was adopted unanimously by the United Nations Security Council on October 14, 2006. The resolution, passed under Chapter VII, Article 41, of the UN Charter, imposes a series of economic and commercial sanctions on the Democratic People's Republic of Korea in the aftermath of that nation's claimed nuclear test of October 9, 2006.
The United States has since 1979 applied various economic, trade, scientific and military sanctions against Iran. United States economic sanctions are administered by the Office of Foreign Assets Control (OFAC), an agency of the United States Department of the Treasury. Currently, United States sanctions against Iran include an embargo on dealings with the country by the United States, and a ban on selling aircraft and repair parts to Iranian aviation companies.
United Nations Security Council Resolution 1874 was adopted unanimously by the United Nations Security Council on 12 June 2009. The resolution, passed under Chapter VII, Article 41, of the UN Charter, imposes further economic and commercial sanctions on the Democratic People's Republic of Korea and encourages UN member states to search North Korean cargo, in the aftermath of an underground nuclear test conducted on 25 May 2009.
There have been a number of international sanctions against Iran imposed by a number of countries, especially the United States, and international entities. Iran was the most sanctioned country in the world until it was surpassed by Russia, following Russia's invasion of neighboring Ukraine in February 2022.
United Nations Security Council Resolution 1928, adopted unanimously on June 7, 2010, after recalling resolutions 825 (1993), 1540 (2004), 1695 (2006), 1718 (2006), 1874 (2009) and 1887 (2009) on the topics of North Korea and nuclear weapons, the Council extended the mandate of a panel of experts monitoring sanctions against the country until June 12, 2011.
United Nations Security Council Resolution 1985, adopted unanimously on June 10, 2011, after recalling resolutions 825 (1993), 1540 (2004), 1695 (2006), 1718 (2006), 1874 (2009), 1887 (2009), 1928 (2010) on the topics of North Korea and nuclear weapons, the Council extended the mandate of an expert panel monitoring sanctions against the country until June 12, 2012.
The North Korea Sanctions Enforcement Act of 2013 was a bill that increased the sanctions against North Korea for pursuing nuclear proliferation.
The alleged illicit activities of the North Korean state include manufacture and sale of illegal drugs, the manufacture and sale of counterfeit consumer goods, human trafficking, arms trafficking, wildlife trafficking, counterfeiting currency, terrorism, and other areas. It is alleged many of these activities are undertaken at the direction and under the control of the North Korean government and the ruling Workers' Party of Korea, with their proceeds going towards advancing the country's nuclear and conventional arms production, funding the lifestyles of the country's elite, and propping up the North Korean economy.
Korea Mining Development Trading Corporation is North Korea’s primary arms dealer, and main exporter of goods and equipment related to ballistic missiles and conventional weapons.
The United Nations Security Council unanimously adopted Resolution 2270 on March 2, 2016, with approval of all the five permanent members and the ten non-permanent members in response to North Korea’s fourth nuclear test on January 6, 2016, and its launch of a long-range missile carrying what it said was a satellite on February 7, 2016.
A number of countries and international bodies have imposed international sanctions against North Korea. Currently, many sanctions are concerned with North Korea's nuclear weapons program and were imposed after its first nuclear test in 2006.
The UN Security Council Sanctions Committee on North Korea is a subsidiary body established in 2006 by the UN Security Council's resolution 1718 in response to North Korea's first nuclear test and its other nuclear proliferation efforts.
The Academy of National Defense Science, formerly Second Academy of Natural Sciences, is a North Korean organization involved in the North Korean missile program, including the Hwasong-14. It is based in Pyongyang, and currently headed by Colonel General Jang Chang-ha.
The United Nations Security Council unanimously adopted Resolution 2371 on August 5, 2017, with approval of all the five permanent members and the ten non-permanent members in response to North Korea’s July 2017 missile tests.
International sanctions against Afghanistan were implemented by the United Nations in November 1999. The sanctions were aimed at terrorists, Osama bin Laden and members of Al-Qaeda.
(d) All Member States shall, in accordance with their respective legal processes, freeze immediately the funds, other financial assets and economic resources which are on their territories at the date of the adoption of this resolution or at any time thereafter, that are owned or controlled, directly or indirectly, by the persons or entities designated by the Committee or by the Security Council as being engaged in or providing support for, including through other illicit means, DPRK's nuclear-related, other weapons of mass destruction-related and ballistic missile related programmes, or by persons or entities acting on their behalf or at their direction, and ensure that any funds, financial assets or economic resources are prevented from being made available by their nationals or by any persons or entities within their territories, to or for the benefit of such persons or entities;
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