Background

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

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