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Foreign Trade Bank of the Democratic People's Republic of Korea

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Foreign Trade Bank of the Democratic People's Republic of Korea
Company typeBank
IndustryForeign-exchange reserves
Founded1959; 66 years ago (1959)
HeadquartersFTB Building, Jungsong-dong, Seungri Street, Central District,
Pyongyang
,
North Korea[1]
Key people
O Kwang-chol (President)[1]
OwnerGovernment of North Korea
Korean name
Chosŏn'gŭl
조선무역은행
Hancha
朝鮮貿易銀行
Revised RomanizationJoseon muyeog eunhaeng
McCune–ReischauerChosŏn 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]

History

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It was established in November 1959. It performs foreign trade settlement and foreign exchange operations, and plays a role in determining and announcing exchange rates and guaranteeing payments for trade organizations. It was in charge of issuing 'foreign currency exchange certificates', a type of convertible note issued by North Korea since 1979, starting in 1988, but officially abolished the convertible note system after July 1, 2002.[3][4]

O Kwang-chol, who served as the president of the Trade Bank of the Democratic People's Republic of Korea, is believed to have received training for several months at foreign financial institutions, investment companies, and private companies, and participated in the United Nations Conference on Trade and Development held in Geneva, Switzerland in June 2005 and the Financial Working Group Meeting with the United States held on December 19, 2006. Representative Han Jang-su served as the head of the Moscow branch of the Foreign Trade Bank of the Democratic People's Republic of Korea.[5]

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.[6]

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.[7]

On August 5, 2017 the UN Security Council adopted Resolution 2371 expanding financial sanctions[8] to include the bank.[9][10][11]

After UN Security Council Resolution 2094 was adopted in March 2013, several Chinese banks will not deal with the Foreign Trade Bank.[12]

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.[13]

See also

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References

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  1. ^ a b Martino, John, ed. (2013). Worldwide Government Directory with Intergovernmental Organizations 2013. Los Angeles: Sage Reference. p. 891. ISBN 978-1-4522-9937-2.
  2. ^ "Treasury Sanctions Bank and Official Linked to North Korean Weapons of Mass Destruction Programs". US Department of the Treasury.
  3. ^ "정상용 (1999년 12월 13일). "<북한바로알기> ㅡ 은행의 업무와 종류". 연합뉴스. 2017년 10월 16일에 확인함" (in Korean).
  4. ^ "손원제 (2002년 12월 10일). "북한 외환보유 실태는". 한겨레. 2017년 10월 16일에 확인함" (in Korean).
  5. ^ "김진호 (2017년 4월 2일). "미, 북한 국적 11명·기업 1곳 추가 제재". 경향신문. 2017년 10월 17일에 확인함" (in Korean).
  6. ^ "Executive Order 13382".
  7. ^ "China Cuts Ties With Key North Korean Bank". The New York Times.
  8. ^ United Nations Security Council (October 14, 2006). "UN Security Council Resolution 1718". United Nations. Retrieved August 20, 2017. (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;
  9. ^ United Nations Security Council Resolution 2371. 8019. Resolution 2371 (2017) - Adopted by the Security Council at its 8019th meeting, on 5 August 2017 S/RES/2371 5 August 2017. Retrieved accessdate.
  10. ^ Gladstone, Rick (August 5, 2017). "U.N. Security Council imposes punishing new sanctions on North Korea". The New York Times. USA. Retrieved August 8, 2017.
  11. ^ United States Mission to the United Nations (August 5, 2017). "FACT SHEET: Resolution 2371 (2017) Strengthening Sanctions on North Korea". U.S.A.: United States Department of State. Archived from the original on August 19, 2017. Retrieved August 20, 2017.
  12. ^ "Beijing orders banks to close accounts for North Koreans". Daily NK. 2017-09-09. Retrieved 12 September 2017.
  13. ^ Reuters. "US hits Russian bank with sanctions for North Korea-related activity". Nikkei Asian Review. {{cite news}}: |author= has generic name (help)
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