OFAC Amends North Korea Sanctions Regulations
OFAC amended the North Korean Sanctions Regulations to align with provisions enacted by the Treasury Department under the North Korea Sanctions and Policy Enhancement Act of 2016, as amended by the Countering America's Adversaries Through Sanctions Act and the National Defense Authorization Act for Fiscal Year 2020.
According to OFAC, the amendments incorporate, among other things, the following: (i) blocking and correspondent account provisions; (ii) a new provision prohibiting non-U.S. entities owned or controlled by a U.S. financial institution from knowingly engaging in any transaction directly or indirectly with the Government of North Korea and certain other designated persons; (iii) statutory exemptions relevant to certain new prohibitions; and (iv) an amendment to the definition of luxury goods to exclude items approved by the United Nations Security Council.
The amendments took effect upon publication in the Federal Register on April 10, 2020.
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