About the Author
View more articles by Min Chao Choy
Min Chao Choy
Min Chao Choy is a data journalist for NK News and NK Pro, currently based in Los Angeles.
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.