Tanchon Commercial Bank Explained

Hangul:단천상업은행
Hanja:端川商業銀行
Rr:Dancheon sangeob eunhaeng
Mr:Tanch'ŏn sangŏb ŭnhaeng
Context:north
Othername1:Former name
Hangul1:창광신용은행
Hanja1:蒼光信用銀行
Rr1:Changgwang sinyong eunhaeng
Mr1:Ch'anggwang sinyong ŭnhaeng
Othername2:Former name
Hangul2:룡악산은행
Hanja2:龍岳山銀行
Rr2:Yongaksan eunhaeng
Mr2:Ryongaksan ŭnhaeng

Tanchon Commercial Bank (formerly called Changgwang Credit Bank;[1] [2] possibly called Danchon Bank) is a North Korean bank.[3] It was originally opened in August 1986.[4]

History

Tanchon Bank has about thirty employees and has regional offices specializing in weapon sales in the Middle East, Myanmar, and Africa.[5]

According to a Business Insider article, it is the financial institution used "to repatriate and hold foreign currency accounts" and under the control of the Ministry of Industry.[6]

The bank's purpose was to handle transactions concerning Yongaksan Trading Company and as a fund manager for the Second Economic Committee.[4] At one time, the bank's leader was Maeng Bong-shik.[4]

The bank's address is Saemul 1-Dong Pyongchon District, Pyongyang, North Korea.

Mun Chong-chol is a Tanchon Commercial Bank representative.[7]

See also

Notes and References

  1. News: Glenn Kessler . U.S. Alleges North Korea Is Misusing Aid for Poor . The Washington Post . June 9, 2007 .
  2. Web site: Bankruptcy of North Korean Foreign Currency Management System Due to "Royal Court" Economy . . 2008-01-15 . 12 September 2017 . Joe Litt & Park Hyun Min.
  3. Web site: Sanctions List Search . US Department of the Treasury . 13 September 2017.
  4. Book: Korea North Doing Business for Everyone Guide: Practical Information and Contacts . Intl Business Pubns USA . 2012 . 68 . 1438772475.
  5. Web site: The Defector’s Tale: Inside North Korea’s Secret Economy . https://web.archive.org/web/20111020182659/http://www.worldaffairsjournal.org/article/defector%E2%80%99s-tale-inside-north-korea%E2%80%99s-secret-economy . usurped . October 20, 2011 . World Affairs . 12 September 2017 . Kim Kwang Jin.
  6. Web site: How North Korea uses slaves to get around trade sanctions . Business Insider . 11 July 2017 . 12 September 2017.
  7. Web site: Sanctions List Search - Mun . US Treasury . 13 September 2017.