Enhanced North Korea Sanctions Adopted

The United Nations Security Council ("UNSC") approved a Resolution last week imposing new sanctions against North Korea in response to its recent nuclear and missile tests. This UNSC action follows the enactment of the North Korea Sanctions and Policy Enhancement Act of 2016 (the "Act") by the United States in late February.
 
Collectively, these measures will further curtail trade with North Korea through a rigorous inspection regime and impose new requirements on shipping companies relating to North Korea. Under the Act, the President will have new authority to impose "secondary sanctions" against third-country (e.g., non-US and non-North Korean) nationals determined to have supported North Korea's illicit weapons, money laundering, and related activities. US sanctions measures imposed under the Act will apply not only to US firms, but also to their foreign subsidiaries—a jurisdictional reach that had previously extended only to requirements set forth under the Iran