“The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today announced North Korea-related designations, continuing the implementation of existing UN and U.S. sanctions,” the U.S. Department of Treasury announced in a recently published press release.
“Treasury will continue to implement existing sanctions on North Korea, and will take action to block and designate companies, ports, and vessels that facilitate illicit shipments and provide revenue streams to the DPRK,” Treasury Secretary Steven Mnuchin said.
“The tactics that these entities based in China, Singapore, and Russia are using to attempt to evade sanctions are prohibited under U.S. law, and all facets of the shipping industry have a responsibility to abide by them or expose themselves to serious risks. Consequences for violating these sanctions will remain in place until we have achieved the final, fully verified denuclearization of North Korea.”
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