OFAC MAKES AMENDMENT TO 490 ENTRIES FOR DESIGNATED PERSONS ETC UNDER NORTH KOREA SANCTIONS

On 13 May, OFAC announced that the North Korea Sanctions and Policy Enhancement Act (NKSPEA) has been amended to prohibit foreign subsidiaries of US financial institutions from knowingly engaging in transactions with SDN that have been designated under North Korea-related sanctions.  In order to clarify to the private sector which SDN have this prohibition imposed, OFAC is introducing a descriptive text: “Transactions Prohibited For Persons Owned or Controlled by U.S. Financial Institutions: North Korea Sanctions Regulations section 510.214”  which has been added to 490 SDN records as an administrative update to the SDN List.

https://www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/Pages/20200513.aspx

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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 View all posts by raytodd2017