OFAC amends North Korea Sanctions Regulations

The US Department of the Treasury’s Office of Foreign Assets Control (‘OFAC’) has said it has amended its North Korea Sanctions Regulations.

‘Specifically, OFAC is incorporating blocking and correspondent account sanctions provisions, adding a new prohibition that is applicable for persons that are owned or controlled by a US financial institution and established or maintained outside the United States,’ the Treasury Department said.

OFAC is ‘adding new statutory exemptions relevant to certain newly added prohibitions, making technical and conforming edits to three definitions, revising an interpretive provision, and updating the authorities and delegation sections of the regulations,’ and that it is ‘also amending the definition of luxury goods.’

The amendments became effective on 10 April.

https://www.treasury.gov/resource-center/sanctions/Programs/Documents/fr85_20158.pdf