Taesong Bank

Korea Taesong Bank (Korean: 조선 대성 은행;[2] sometimes called Daesong Bank, Dae-Sung Bank[3] or Taesong General Trading Corporation;[4] in Japan called Chosun Tae Seong-Unhan; Tae-bank, Choson Taesong Unhaeng[5]) is a North Korean financial institution.[6]

Not to be confused with Daedong Credit Bank.
Korea Taesong Bank
Native name
조선대성은행
IndustryBank
HeadquartersSegori-dong, Gyongheung St., Potonggang District[1],
Pyongyang
,
North Korea
Korean name
Chosŏn'gŭl
대성은행
Hancha
大成銀行
Revised RomanizationDaeseong eunhaeng
McCune–ReischauerTaesŏng ŭnhaeng

The Korea Taesong Bank is reportedly controlled by Room 39.[7][3]

The Golden Star Bank, founded as a corporation in Vienna, Austria, was the only North Korean bank in Europe but was closed in 2004, was a subsidiary of the Taesong Bank.[7] Kwon Yong-nok was an auditor of the Golden Star Bank.[8]

"Taesong Bank, which received remittances from Mt. Kumgang tourism, is controlled by Room 39, and is also in charge of the exports of agricultural and fisheries products."[9]

Projects
  • In 1989, it was to jointly develop the area around Mount Kumgang,[10] on the eastern coast of North Korea, as a tourist site with Hyundai.[11]
  • The company has been implicated in the smuggling of arms into and out of North Korea[12] and "Involved in facilitating proliferation financing projects."[13]

Members
  • In 1989, Choe Su-gil, president of the Taesong Bank of North Korea[11] and consultant to the Korean Association for the Promotion of Asian Trade.[10]
  • In 2014, Kim Yo-jong took control of Taesong Bank, the Reunification and Development Bank, and a number of tourism and railway projects
  • In 2014, Yun Tae-hyong, a regional manager in the Russian Far East for the Taesong Bank, defected to Russia.[4]

References
  1. "OFAC ID: 12312". Archived from the original on 27 May 2015. Retrieved 26 May 2015.
  2. "Recent OFAC Actions - November 18, 2010". US Treasury Department. Retrieved 26 May 2015.
  3. "How North Korea uses slaves to get around trade sanctions". Business Insider. 11 July 2017. Retrieved 12 September 2017.
  4. Madden, Michael (3 September 2014). "A Senior North Korean Banking Official Defects?". 38 North. Retrieved 7 April 2016.
  5. "コリア・デソン・バンク" (PDF) (in Japanese). Retrieved 26 May 2015.
  6. Michael Breen (author) Kim Jong-Il, Revised and Updated: Kim Jong-il North Korea's Dear Leader 2012 1118153774 "Kim Jong-il: "the Daesong Group, which owns the Daesong Bank and the Vienna-based Golden Star Bank."
  7. Timothée Germain. "Mapping North Korea Proliferation". cesim.fr. THE NON-PROLIFERATION MONTHLY. p. 7. Retrieved 26 May 2015.
  8. "North Korean Policy Elites; see footnote 66". INSTITUTE FOR DEFENSE ANALYSES. June 2004. Retrieved 26 May 2015.
  9. "Room (Bureau) 38 allegedly restored". North Korean Economic Watch. Retrieved 26 May 2015.
  10. "South, North Koreans Talk of Tourism Venture". Los Angeles Times. February 2, 1989. Retrieved 26 May 2015.
  11. SUSAN CHIRA (2 February 1989). "THE TWO KOREAS AGREE TO DEVELOP RESORT IN NORTH". New York Times. Retrieved 26 May 2015.
  12. "Report of the Panel of Experts established pursuant to resolution 1874 (2009)" (PDF). United Nations, Security Council Sanctions Committee on North Korea. 14 June 2012. Retrieved 26 May 2015.
  13. "Sanctions: UK Treasury part 29; Sanctions in Action". UK Treasury. 28 February 2011. Archived from the original on 23 September 2015. Retrieved 26 May 2015.


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