OFAC Issues Administrative Update for North Korea SDN Entries
The Treasury’s Office of Foreign Assets Control updated 490 North Korea-related entries on its Specially Designated Nationals List, according to a May 13 notice. The update stems from the 2020 National Defense Authorization Act, which modified the North Korea Sanctions…
Sign up for a free preview to unlock the rest of this article
Timely, relevant coverage of court proceedings and agency rulings involving tariffs, classification, valuation, origin and antidumping and countervailing duties. Each day, Trade Law Daily subscribers receive a daily headline email, in-depth PDF edition and access to all relevant documents via our trade law source document library and website.
and Policy Enhancement Act to block foreign subsidiaries of U.S. financial institutions “from knowingly engaging in transactions with” SDNs “that have been designated under North Korea-related authorities,” OFAC said. OFAC introduced a “descriptive text” to “clarify to the private sector what SDNs have this prohibition” and added the descriptive text to the SDN entries.