December 05, 2020

US Treasury names 490 North Korea-linked entities in new regulatory prohibitions

Move retroactively signals that certain individuals cannot do business with the 490, per an April revision to the NKSR

The U.S. government is updating entries on 490 previously sanctioned, North Korea-linked entities to reflect a new regulatory prohibition that was added earlier this year. The change means that entities controlled by U.S. financial institutions based abroad cannot conduct transactions with the named North Korea-linked entities.

The Treasury Department's Office of Foreign Assets Control (OFAC) announced the changes on Oct. 20, which was meant to reflect amendments added to the North Korea Sanctions Regulations in April 2020. April’s new regulatory prohibition amended the North Korea Sanctions Regulations (NKSR) to extend to foreign entities owned or controlled by U.S. financial institutions.