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6/30/2022

READOUT: Under Secretary Brian Nelson’s Visit to the Republic of Korea | U.S. Department of the Treasury

U.S. DEPARTMENT OF THE TREASURY
READOUT: Under Secretary Brian Nelson’s Visit to the Republic
of Korea
June 30, 2022

SEOUL — From June 27-29, Under Secretary of the Treasury for Terrorism and Financial
Intelligence Brian E. Nelson visited Seoul, Republic of Korea to continue close coordination
with the ROK government on countering aggression by the Democratic Peopleʼs Republic of
Korea (DPRK) and sanctions imposed on Russia for its war against Ukraine. In recent months,
Treasury has targeted the DPRKʼs revenue generating activities, including imposing sanctions
on financial facilitators, procurement networks, and a mixer used to launder the proceeds of
virtual currency the . In addition, Treasury has worked closely with counterparts in ROK to
impose historic sanctions on Russia, including denying it access to critical technologies for
the defense industry.
While in Seoul, Under Secretary Nelson met with senior government o icials, including Special
Representative for Korean Peninsula Peace and Security A airs Kim Gunn, Vice Minister of
Unification Kim Ki Woong, Financial Services Commission Vice Chairman Kim So-Young, Deputy
Minister of Foreign A airs for Economic A airs Yun Seong-deok, and Deputy Minister of
Economy and Finance Park Il-Young. He also met with fintech firms in Pangyo to discuss
AML/CFT compliance and Koreaʼs regulatory sandbox.
Following Under Secretary Nelsonʼs trip, Secretary of the Treasury Janet L. Yellen will travel to
Seoul on July 19 and 20. During this visit, the Secretary will discuss building stronger and more
resilient supply chains to help lower prices for American and global consumers, including by
friend-shipping with trusted economic partners like the ROK. Secretary Yellen will also discuss
ways to further impose costs on Russia for its unprovoked invasion and continue her work
coordinating the global response to address the warʼs consequences, including higher energy
prices and food insecurity.

https://home.treasury.gov/news/press-releases/jy0840

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6/30/2022

READOUT: Under Secretary Brian Nelson’s Visit to the Republic of Korea | U.S. Department of the Treasury

https://home.treasury.gov/news/press-releases/jy0840

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