On March 16, 2016, the United States Department of the Treasury's Office of Foreign Assets Control (OFAC) expanded sanctions on North Korea (the DPRK) pursuant to Executive Order 13722 (EO 13722). This action implements in part the North Korea Sanctions and Policy Enhancement Act of 2016 (the Act) signed into law on February 18, 2016. It also follows the passage of UN sanctions on March 2, 2016 that require member states to enhance sanctions against the DPRK, including with respect to cargo inspections, financial sanctions measures, and sanctions targeting sectors of the DPRK economy.
In this alert:
Executive Order 13722 ("Blocking Property of the Government of North Korea and the Workers' Party of Korea, and Prohibiting Certain Transactions With Respect to North Korea")
SDN List Designations
North Korea Sanctions and Policy Enhancement Act of 2016
United Nations Security Council Resolution (UNSCR) 2270
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