March 21, 2019

OFAC designates two shipping companies for supporting North Korean shipping

Two China-based shipping companies have been designated by the Office of Foreign Assets Control of the US Department of the Treasury pursuant to Executive Orders 13722 and 13810, for providing goods and services to a US-designated party, Paekson Trading Corporation, and for using deceptive practices to operate in the transportation industry in North Korea.  The Treasury has also issued a sanctions advisory updating guidance on North Korea’s illicit shipping practices, and three new annexes providing guidance for member states and industry in how to avoid illicit North Korean maritime trade, listing vessels that are believed to have exported North Korean coal or to have been involved in ship-to-ship transfers with North Korean tankers.  Property or interests in property of the designated persons in the US is blocked, and US persons are prohibited from transacting with them.

Treasury press release | Sanctions advisory