On Tuesday, September 26, the Office of Foreign Assets Control at the Treasury Department announced new sanctions on banks and representatives linked to North Korean financial networks. These sanctions come as a response to North Korea’s violations of UN resolutions and attempts to develop nuclear weapons.
OFAC identified 26 North Korean nationals working in China, Russia, Libya, and the UAE as representatives of North Korean banks. In addition, eight financial institutions were added to the Specially Designated Nationals list, several of which have branches in China.
The Treasury Department issued a statement on the action, declaring that the sanctions are designed to complement the UN Security Council Resolution adopted on September 11, 2017.
Husch Blackwell will continue to monitor any ensuing changes in export controls and sanctions policy.