US TREASURY FURTHER NORTH KOREA SANCTIONS ON TRADING, LABOUR, AND SHIPPING COMPANIES AND VESSELS

OFAC on 21st November sanctioned 1 individual, 13 entities, and 20 vessels as the US continues to take action multilaterally and unilaterally to disrupt North Korea’s illicit funding of its unlawful nuclear and ballistic missile programmes.  The new sanctions target third-country persons with long-standing commercial ties to North Korea, as well as the transportation networks that facilitate North Korea’s revenue generation and operations.  Designated are 4 Chinese companies and an individual, the Maritime Administration of the Democratic People’s Republic of Korea (DPRK) and the Ministry of Land and Maritime Transportation of the DPRK, 6 North Korean shipping and trading companies and 20 named vessels.  OFAC remarks that North Korea is known to employ deceptive shipping practices, including ship-to-ship transfers, a practice prohibited by UN SCR 2375.  Also designated is the Korea South-South Cooperation Corporation for having engaged in, facilitated, or been responsible for the exportation of workers from North Korea, including exportation to generate revenue for the Government of North Korea or the Workers’ Party of Korea.

https://www.treasury.gov/press-center/press-releases/Pages/sm0220.aspx

https://www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/Pages/20171121.aspx

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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