Further OFAC designations to N Korea sanctions list

OFAC2.jpgOFAC has designated 16 people, 9 entities and 6 North Korean vessels in response to “North Korea’s ongoing development of weapons of mass destruction (WMD) and continued violations of United Nations Security Council Resolutions” (asset freezes imposed).

Of the 16-designated people, 1 is alleged to be an official of the Workers’ Party of Korea, 10 are alleged to be representatives of the Korea Ryonbong General Corporation, which was previously designated by the UN and the US (note: 8 of the 10 Ryonbong representatives are stated as being located in Chinese offices near the China-North Korean border), and the remaining 5 people are alleged to be linked to North Korean financial networks (said to be North Korean financial representatives located in China or Russia).

Of the 9 entities designated, 5 are North Korean shipping companies (note: the 6-designated vessels were sanctioned as being property in which those companies have an interest) and 2 are Chinese companies, which were listed for having allegedly exported over $68m worth of goods to North Korea and for having imported more than $19m worth of goods from North Korea (cumulative figures). The 2 remaining entities are ‘Ministry of Crude Oil Industry’, which “handles crude oil for North Korea”, and a North Korean electronics company operating in the manufacturing industry. Links to OFAC Notice and US Treasury press release.

This entry was posted in China, 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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