President Obama has issued an Executive Order expanding the scope of economic sanctions imposed on North Korea.
New sanctions include the prohibition of financial transactions benefiting any person whose property and interests in property are blocked, and the addition of 3 new entities and 10 individuals to the list of blocked parties.
This action, taken to escalate financial pressure on the North Korean government, is the result of the repressive actions and policies of the Government of North Korea (including its coercive cyber-related actions during November and December 2014), as well as violations of the United Nations Security Council Resolutions (UNSCR), and serious human rights abuses.
Previously issued North Korean sanctions include:
- Restricting the import of goods, services, and technology from North Korea into the United States, without a license issued by the Office of Foreign Assets Control (OFAC).
- Prohibiting the export of goods to North Korea related to sales involving parties whose property and interests in property are blocked.
- Prohibiting the transfer, payment, export, withdrawal, or otherwise dealing in the property and interests in property of named entities or individuals which are found in OFAC’s Specially Designated Nationals and Blocked Persons List (SDN List).
Please contact the Office of Foreign Assets Control (OFAC) Compliance at 202-622-2490 with any questions on these new sanctions.
Questions about this regulatory update may be directed to Livingston’s U.S. Regulatory Affairs group .