OFAC sanctions banks and representatives linked to North Korean financial networks

On 26 September 2017, the United States (“US“) Office of Foreign Assets Control (“OFAC“) designated eight North Korean banks and 26 individuals, who are linked to North Korean financial networks. According to OFAC, the designations follow in response to North Korea’s ongoing development of weapons of mass destruction and continued violations of United Nations Security Council Resolutions.

The designated individuals are North Korean nationals who are operating in China, Russia, Libya and the United Arab Emirates and who are considered to act as representatives of North Korean banks.  Further, OFAC also identified two banks as part of the Government of North Korea.  As a result of these designations, any property or interests in property of the designated persons in the possession or control of US persons, or within the US, must be blocked.

The full OFAC Iran designations can be found here and the official press release can be found here.

By B&A Law

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