Washington - The United States placed sanctions Tuesday on a firm suspected of aiding North Korea missile technology and proliferation, the Treasury Department announced. The sanctions against Hong Kong Electronics freeze any financial assets or accounts found in the United States and ban US citizens from doing business with the Iran-based firm.
"Today's action is a part of our overall effort to prevent North Korea from misusing the international financial system to advance its nuclear and missile programs and to sell dangerous technology around the world," Treasury Undersecretary Stuart Levey said.
The Treasury Department accused Hong Kong Electronics of transferring millions of dollars in proliferation-related funds on behalf of North Korea's Tanchon bank and Korea Mining Development Trading Corporation, or KOMID.
Tanchon serves as the financial arm for KOMID, which the Treasury Department said is Pyongang's "premier arms dealer and main exporter of goods and equipment related to ballistic missiles and conventional weapons."
The United States has pledged to take steps against North Korea for its nuclear and missile tests last month. Tanchon and KOMID had already been hit with US and UN sanctions.
