Further to the newly-enacted North Korea Sanctions and Policy Enhancement Act of 2016 (H.R. 757) (the Act) summarized in our previous GT Alert, on March 16, 2016, President Obama issued an executive order implementing a number of sanctions measures pursuant to the Act.
The EU has also introduced new sanctions against North Korea, following the far-reaching sanctions resolution passed by the UN Security Council on March 2, 2016.
ADDITIONAL U.S. SANCTIONS DESIGNATIONS
In addition to the preexisting sanctions against North Korea, the Act granted the President additional authority to impose sanctions on individuals and entities deemed to have engaged or assisted in a number of activities, including participation in North Korea-related proliferation activities, human rights abuses, money laundering, counterfeiting, narcotics trafficking, and dealings in luxury goods, among others. Yesterday’s executive order, Blocking Property of the Government of North Korea and the Worker’s Party of Korea, and Prohibiting Certain Transactions with Respect to North Korea (the EO), blocked (or froze) the assets and property of the following individuals, entities, and vessels, representing the first set of sanctions designations under the Act:
- JO, Yong Chol, North Korea’s Ministry of State Security Official
- RI, Won Ho, North Korea’s Ministry of State Security Official
- CHONGBONG SHIPPING CO LTD.
- HOERYONG SHIPPING CO LTD.
- ILSIM INTERNATIONAL BANK
- KOREA FOREIGN TECHNICAL TRADE CENTER
- KOREA OCEAN SHIPPING AGENCY
- KOREA SAMILPO SHIPPING CO.
- KOREA UNITED DEVELOPMENT BANK
- KOREA ZUZAGBONG MARITIME LTD.
- KOREAN BUYON SHIPPING CO. LTD.
- KOREAN POLISH SHPG CO LTD.
- KOREAN WORKERS PARTY, PROPAGANDA AND AGITATION DEPARTMENT
- MIRIM SHIPPING CO LTD.
- OCEAN BUNKERING JV CO.
- SINGWANG ECONOMICS AND TRADING GENERAL CORPORATION
- THAEPHYONGSAN SHIPPING CO LTD. Continue Reading.