May 13, 2020

OFAC updates certain North Korea-related designations

On May, 13, 2020, the US Department of the Treasury’s Office of Foreign Assets Control announced updates to certain North Korea Administrative Designations, made pursuant to the National Defense Authorization Act for Fiscal Year 2020.  In an effort to prevent foreign subsidiaries of US financial institutions from willfully engaging in transactions with Specially Designated Nationals in North Korea, OFAC modified the North Korea Sanctions and Policy Enhancement Act to include the following description:

‘Transactions Prohibited for Persons Owned or Controlled by US Financial Institutions; North Korea Sanctions Regulations section 510.214.”

The description has just been added to 490 SDN records.  A list of all updated designations is provided for review.

OFAC Press Release