On 1st March, OFAC announced the amendment and reissuance in its entirety of the North Korea Sanctions Regulations in order to implement Executive Orders EO 13687, EO 13722, and EO 13810, and to reference the North Korea Sanctions and Policy Enhancement Act of 2016 and the Countering America’s Adversaries Through Sanctions Act of 2017. It also released updated FAQ, which are available at –
The Regulations and the FAQ emphasize that all US persons must comply with OFAC regulations, including all US citizens and permanent resident aliens regardless of where they are located, all individuals and entities within the US, and all US-incorporated entities and their foreign branches. Furthermore, all transactions within the US, including all financial transactions that transit the US financial system, must comply with OFAC regulations.
Basic information on OFAC and its sanctions is available at –