US restrictions on N Korea diplomats

new-york-1The US Treasury has introduced a requirement that banks obtain a licence from OFAC before granting North Korean diplomats bank accounts, or extending credit to them or their families.  This follows a UN Security Council Resolution in early December requiring Member States to limit North Korean diplomatic missions to one bank account each (see previous blog).  The restrictions are intended to prevent the bank accounts of North Korean diplomats from being used to evade sanctions.

This entry was posted in North Korea, USA by Maya Lester QC. Bookmark the permalink.

About Maya Lester QC

Maya Lester QC has a wide ranging practice in public law, European law, competition law, international law, human rights & civil liberties. She has a particular expertise in sanctions. As the most recent (2016) Chambers & Partners directory put it, she "owns the world of sanctions". She spent 2011-12 in New York at Columbia Law School lecturing and writing on sanctions. She represents and advises hundreds of companies and individuals before the European and English courts and has acted in most of the leading cases, including Kadi, Tay Za, Central Bank of Iran, NITC and IRISL.

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