Industry News

OFAC Issues North Korean Sanctions Regulations

11/05/2010


The Office of Foreign Assets Control has issued a final rule regarding North Korean sanctions regulations (75 FR 213). The final rule, effective as of November 4, 2010, adds a new part 510 to 31 CFR. The regulations are designed to implement Executive Order 13466 of June 26, 2008 and Executive Order 13551 of August 30, 2010. They provide a list of prohibited transactions, interpretations, and authorizations. OFAC intends to supplement this part 510 with a more comprehensive set of regulations in the future.