U.S. Announces North Korea Shipping Practices Advisory and Sanctions Designations

28 February 2018
View Client Update

Key takeaways

  • OFAC, the State Department and the Coast Guard have issued a new advisory on the North Korean shipping industry's evasion of international sanctions.
  • The advisory identifies deceptive practices that may pose sanctions risks to insurers, flag registries, shipping companies, financial institutions and others involved in the maritime industry. It also recommends steps to mitigate these risks.
  • At the same time, OFAC has expanded its list of entities, individuals and vessels sanctioned for trade with North Korea