OFAC has amended the North Korea Sanctions Regulations, 31 CFR, part 510 to further implement the North Korea Sanctions and Policy Enhancement Act of 2016, as amended by Countering America’s Adversaries Through Sanctions Act of 2017 and the National Defense Authorization Act for Fiscal Year 2020. OFAC Notice. The regs come into effect on publication in the Federal Register, 10 April 2020,
The amendments incorporate blocking and correspondent account-related sanctions provisions on foreign financial institutions determined to have knowingly provided significant financial services to any individual/entity subject to US or UN sanctions on or after 18 April 2020.
Secondary Sanctions are also Imposed on:
– Any foreign entities engaged in the import/export of significant quantities of coal, textiles, seafood, iron, iron ore, petroleum products or crude oil, and services and technology relating to these goods;
– Those who export/employ North Korean workers for the benefit of the N Korean government; and
– Contribute to/participate in a significant act of bribery of an official or the misappropriation, theft, or embezzlement of a significant amount of public funds for the benefit of the N Korean government.