US OFAC announces further North Korea Sanctions

Following on from our article last year Client Alert: Sanctions against North Korea the US Department of the Treasury’s Office of Foreign Assets Control (OFAC), on 23 February 2018 announced a new wave of North Korea-related sanctions targeting one individual, 27 entities, and 28 vessels located.  The updated list can be found here: Sanction List.

As a result of this action, any property or interests in property of the designated persons in the possession or control of U.S. persons or within the United States must be blocked, and U.S. persons are prohibited from dealing with any of the designated parties.  The Treasury, along with the U.S. Department of State and U.S. Coast Guard have an advisory guide setting out the significant risks to those continuing to enable shipments of goods to and from North Korea, North Korea Sanctions Advisory.

As always, extreme care should be paid if you are contemplating dealings with entities that may be related to North Korea.