OFAC Amends North Korea Sanctions Regulations
The Treasury’s Office of Foreign Assets Control updated the North Korean Sanctions Regulations by adding new sanctions provisions and exemptions and amending the definition for “luxury goods,” according to a notice in the Federal Register. OFAC also made several technical edits to three definitions, revised an “interpretive provision” and updated the “authorities and delegations sections” of the regulations.
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The regulations now incorporate a provision that authorizes Treasury to impose blocking sanctions on certain foreign financial institutions by restricting the opening or maintenance of correspondent accounts or a payable-through account in the U.S., the notice said. OFAC also incorporated “certain statutory exemptions” and amended the definition for luxury goods to “exclude items approved for import, export or reexport to or into North Korea by the United Nations Security Council.” OFAC also made technical edits to definitions for “effective date,” “financial, material, or technological support” and “North Korean person.”
(Federal Register 04/10/20)