The Treasury Department’s Office of Foreign Assets Control has issued a final rule amending the North Korea Sanctions Regulations as follows.
- incorporating blocking and correspondent account sanctions provisions of recently enacted laws
- adding a new prohibition applicable for persons owned or controlled by a U.S. financial institution and established or maintained outside the U.S.
- adding new statutory exemptions relevant to certain newly added prohibitions
- amending the definition of luxury goods to create a regulatory exception for items approved for import, export, or reexport to or into North Korea by the United Nations Security Council
- amending the interpretive provision related to significant transactions