Source: U.S. Department of the Treasury – OFAC
Today, the President issued an Executive Order (E.O), “Blocking Property of the Government of North Korea and the Workers’ Party of Korea, and Prohibiting Certain Transactions with Respect to North Korea.” Following that action, the Secretary of the Treasury, in consultation with the Secretary of State, determined pursuant to subsection 2(a)(i) of the E.O. that persons operating in the transportation, mining, energy, and financial services industries in the North Korean economy may be subject to targeted sanctions. The Office of Foreign Assets Control (OFAC) issued nine general licenses on its web page for certain activities involving North Korea. OFAC also published frequently asked questions pertaining to the E.O. and general licenses….