U.S. Announces New Sanctions on N. Korea, Iran

U.S. sanctions N. Korean and Iranian entities for supporting NK's nuke programs.

ByABC News
June 30, 2009, 5:18 PM

June 30, 2009— -- The United States announced a flurry of new sanctions Tuesday on North Korean and Iranian entities said to be aiding Pyongyang's nuclear and missile programs.

"We have, I think, been fairly explicit with the North Koreans about what -- the responsibilities that they entered into that we expect them to live up to. And I think today's action demonstrates the seriousness of what we intend to do to address it," White House spokesman Robert Gibbs told reporters.

"They've stated a lot of bellicose things. They've threatened to do certain things. A lot of times what they've threatened to do they follow up on doing. But this administration, whether it is, through sanctions and our monitoring of North Korea … cutting off any potentially harmful financing," Gibbs added.

The Treasury Department today sanctioned Hong Kong Electronics, based on Iran's Kish Island, for providing support to North Korea's missile program through North Korea's Tanchon Commercial Bank and Korea Mining Development Corp. (KOMID). Both of those had been previously designated under the UN resolution passed in 2006.

Separately, the State Department targeted North Korea's Namchongang Trading Corporation (NCG), a company tied to North Korea's nuclear program.

"It has been involved in the purchase of aluminum tubes and other equipment specifically suitable for a uranium enrichment program since the late 1990s," the State Department said today in a statement.

"North Korea uses front companies like Hong Kong Electronics and a range of other deceptive practices to obscure the true nature of its financial dealings, making it nearly impossible for responsible banks and governments to distinguish legitimate from illegitimate North Korean transactions," said Stuart Levey, undersecretary for terrorism and financial intelligence, in a statement issued by Treasury.