US Sanctions Iranian Firm
By VOA News
30 June 2009
The United States has imposed sanctions on an Iran-based firm for its alleged support of North Korea's nuclear missile program.
The U.S. Treasury Department announced Tuesday it is freezing the assets of Hong Kong Electronics.
It said the company, which is located in Kish Island, Iran, has transferred millions of proliferation-related funds since 2007.
The sanctions will freeze any of the company's bank accounts in the United States. Americans are also prohibited from doing business with the firm.
A top Treasury official, Stuart Levey, who is under secretary for terrorism and financial intelligence, said the action is part of the U.S. effort to prevent North Korea from misusing the international financial system to advance its nuclear program.
The Treasury Department said the Iranian company has been transferring funds for Tanchon, a North Korean commercial bank. The bank is the financial arm for KOMID (Korea Mining Development Trading Corporation) - a North Korean arms dealer and the country's main exporter of ballistic missiles.
Both Tanchon and KOMID have been named by the U.S. and the United Nations Security Council for nuclear proliferation activities.
Some information for this report was provided by AFP, AP and Reuters.
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