On 25 April 2018, the Swiss Federal Council announced that it once again tightened sanctions against the Democratic People’s Republic of Korea (North Korea) thereby implementing UN Security Council Resolution 2397 (2017). The new provisions entered into force at 6 pm on 25 April. The announcement said: Following the North Korean ballistic missile tests of 28 November 2017, which violated all previous Security Council resolutions, the UN Security Council adopted Resolution 2397 (2017) on 22 December 2017,…
On March 1, 2018, the US Treasury Department’s Office of Foreign Assets Control (“OFAC”) announced the amendment and reissuance in their entirety of the North Korea Sanctions Regulations, 31 C.F.R. Part 510 (“NKSR”). A public inspection copy of the Final Rule can be found here. These changes to the NKSR will take effect on March 5, 2018 upon publication in the Federal Register. OFAC also published 13 new FAQs, which can be found here.
As part of its continuing efforts to isolate North Korea from the world economy, on February 23, 2018, the US Treasury Department’s Office of Foreign Assets Control (“OFAC”) announced new sanctions measures targeting North Korea’s shipping industry and issued an advisory document entitled “North Korea Sanctions Advisory,” which highlights sanctions risks in the global shipping industry.
On November 27, 2017, the US State Department published a notice in the Federal Register that North Korea was designated as a State Sponsor of Terrorism (“SST”) on November 17, 2017. North Korea was originally designated as an SST in 1988 in connection with the bombing of a Korean Air flight but was delisted in 2008 by President George W. Bush as part of negotiations over its nuclear program.