In the Federal Register on March 5, OFAC amended and reissued the North Korea Sanctions Regulations in its entirety to implement three recent Executive Orders and to reference the North Korea Sanctions and Policy Enhancement Act of 2016 and the Countering America’s Adversaries Through Sanctions Act.
The agency is also incorporating into the reissue:
- Several general licenses which until now have only appeared on OFAC’s website on the North Korea Sanctions page;
- Several new general licenses; and
- New definitions, interpretations, and general licenses that were not previously provided on OFAC’s website have been added to flesh out the regulations, including incorporating several general licenses typically included in OFAC’s other programs (e.g., related to the provision of legal services, work with international agencies, or on behalf of the U.S. government)
OFAC has also published new and updated North Korea-related FAQs.