U.S. Department of the Treasury Press Release [Captured from the U.S. Treasury website]

North Korean organizations involved in the procurement of materials for nuclear and missile programs have been included in the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) sanctions list consolidation and reorganization project.

In a press release issued on the 27th (local time), OFAC announced that as part of its sanctions modernization efforts, 84 entries—comprising both organizations and individuals—have been removed from the sanctions list. Among these, 22 entries had their identification information updated to facilitate better sanctions compliance.

OFAC stated that the removals consist of individuals and entities no longer considered a priority for U.S. national security or foreign policy. Criteria for removal included factors such as the death of an individual, inactivity of an organization, or the passage of more than 20 years since the initial sanctions designation.

Included in the list released by OFAC is North Korea's Tangun Trading Corporation. Organizations previously operating under names such as the Second Academy of Natural Sciences Foreign Affairs Bureau, Korea Kuwolsan Trading Corporation, and Korea Ryonha No. 2 Trading Corporation have now been formally categorized as part of the same organization as the Tangun Trading Corporation, with the classification of "government agency" also added.

The Tangun Trading Corporation is known to be an organization responsible for procuring materials for North Korea's nuclear and missile development programs.

The Tangun Trading Corporation was designated for sanctions by the U.S. government and the United Nations Security Council in 2009. The designation was based on its role in procuring materials and technology necessary for the development of weapons of mass destruction under the Second Academy of Natural Sciences, a North Korean research and development institution for advanced weapons.

U.S. Treasury Secretary Scott Bessent announced plans for the modernization of the sanctions list late last May. The intent is to streamline outdated information, thereby making it easier for financial institutions to identify sanctioned targets.

A U.S. Treasury official told Reuters that while there were 880 sanctioned targets in 2017, that number has grown to over 3,000 in 2024, adding that "the purpose of this measure is to make Treasury sanctions more effective and precise."

At the end of last month, the Treasury Department also launched an online portal through which individuals and companies under sanctions can request their removal from the list.