OFAC Amends North Korea Sanctions Regulations With Technical Changes

The Treasury’s Office of Foreign Assets Control amended the North Korea Sanctions Regulations to update references to “descriptive text” for certain entries on OFAC’s sanctions list, OFAC said in notice. The changes update references for entries on the Specially Designated Nationals List and List of Foreign Financial Institutions Subject to Correspondent Account or Payable-Through Account Sanctions. The notice is scheduled to be published June 28.

The first updated reference “provides additional information concerning secondary sanctions,” OFAC said. The agency revised the text to include each SDN List entry “to more clearly alert foreign financial institutions to attendant secondary sanctions risks,” the notice said. The second change updates references to the “Correspondent Account or Payable-Through Account Sanctions List” and replaces it with “List of Foreign Financial Institutions Subject to Correspondent Account or Payable-Through Account Sanctions,” the notice said.

(Federal Register 06/28/19)