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Thu Jun 27, 2013, 11:41 AM

U.S. sanctions North Korea bank as it targets weapons program

Source: Reuters

U.S. sanctions North Korea bank as it targets weapons program

WASHINGTON | Thu Jun 27, 2013 11:29am EDT

(Reuters) - The Obama administration said on Thursday it was sanctioning North Korea's Daedong Credit Bank for its role in supporting Pyongyang's weapons of mass destruction program.

The U.S. Treasury said Daedong Credit Bank has been providing financial services to the Korea Mining Developing Trading Corp or KOMID, which it said was Pyongyang's premier arms dealers, and the Tanchon Commercial Bank or TCB, its main financial arm.

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The action generally prohibits U.S. citizens from engaging in any transactions with the entities or persons targeted, and freezes any assets they might have in the United States.

The fresh set of sanctions follows a decision by the United States in March to target North Korean's Foreign Trade Bank, its main foreign exchange institution, to try to choke off cash to the government in Pyongyang.

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Read more: http://www.reuters.com/article/2013/06/27/us-korea-north-sanctions-idUSBRE95Q0WB20130627

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