OFAC Issues Administrative Update for North Korea SDN Entries
The Treasury’s Office of Foreign Assets Control updated 490 North Korea-related entries on its Specially Designated Nationals List, according to a May 13 notice. The update stems from the 2020 National Defense Authorization Act, which modified the North Korea Sanctions…
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and Policy Enhancement Act to block foreign subsidiaries of U.S. financial institutions “from knowingly engaging in transactions with” SDNs “that have been designated under North Korea-related authorities,” OFAC said. OFAC introduced a “descriptive text” to “clarify to the private sector what SDNs have this prohibition” and added the descriptive text to the SDN entries.