US Amends And Reissues North Korea Sanctions Regulations

On March 5, 2018, the US Treasury Department's Office of Foreign Assets Control (OFAC) amended and reissued the North Korean Sanctions Regulations, 31 CFR Part 510 (NKSR), in order to align the North Korea sanctions program with other sanctions programs by codifying the existing set of executive actions and legislative authorities establishing the US sanctions program against North Korea. These include Executive Orders (EOs) 13687, 13722 and 13810; the North Korea Sanctions and Policy Enhancement Act of 2016; and the Countering America's Adversaries Through Sanctions Act (CAATSA).¹ The amended NKSR also incorporate several existing general licenses and add new general licenses. In addition, OFAC published a new set of frequently asked questions on topics such as the applicable restrictions on trade and travel involving North Korea. The amended NKSR do not, however, expand the scope or substance of existing US sanctions against the DPRK.