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UK Freezes the Assets of North Korean Insurance Company

The UK has frozen the assets of a North Korean company based in south-east London after claims it funneled cash to Pyongyang’s nuclear weapons program...
April 26, 2017

The UK has frozen the assets of a North Korean company based in south-east London after claims it funneled cash to Pyongyang’s nuclear weapons program.

The Korea National Insurance Corporation (KNIC) is registered at a property in the Blackheath section of London. The European Union (EU) has already imposed sanctions against the company, which it describes as “generating substantial foreign exchange revenue which is used to support the regime in North Korea.” The move by the EU followed a United Nations resolution. A company spokesman told the Sunday Times the allegations against the company were groundless.

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