The U.S. Department of Justice unsealed an indictment charging 28 North Korean and 5 Chinese individuals (“Defendants”) with facilitating more than $2.5 billion in illegal payments for Pyongyang’s nuclear weapons and missile program through North Korea’s state-owned Foreign Trade Bank (“FTB”). DOJ alleges that the scheme involved “covert branches” of FTB in China, Russia, Libya,

On May 14, 2020, the U.S. Departments of State and Treasury and the U.S. Coast Guard issued a global advisory to alert the maritime industry and those active in the energy and metals sectors to deceptive shipping practices used to evade U.S. economic sanctions.  It is intended to provide exporters, shippers and others utilizing the

On April 16, 2020, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued a fact sheet noting that the sanctions programs it administers generally allow for legitimate humanitarian-related trade, assistance or activity under existing laws and regulations. The fact sheet provides consolidated guidance highlighting the most relevant exemptions, exceptions and authorizations for

In the past week, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) has continued to increase pressure on Iran and North Korea by further identifying certain individuals and entities in the shipping sector as engaging in illicit activities and tightening related economic sanctions.

On August 30, 2019, OFAC designated two individuals, three

In his second State of the Union address to Congress, President Donald Trump noted that he campaigned on several core promises, including “to defend American jobs and demand fair trade for American workers.” He argued that his administration has “moved with urgency and historic speed to confront problems neglected by leaders of both parties over

President Trump has issued a new executive order implementing further sanctions in response to North Korea’s “provocative, destabilizing, and repressive actions,” particularly its recent intercontinental ballistic missile launches and its nuclear test of September 2, 2017. The new sanctions, to be implemented by the Department of the Treasury’s Office of Foreign Assets Control (OFAC), target

The United Nations (UN) Security Council unanimously passed resolution 2375 (2017) on Monday, further sanctioning the Democratic People’s Republic of Korea for its most recent nuclear test, and reaffirmed that North Korea must immediately suspend all activities related to its ballistic missile and nuclear programs in a complete, verifiable and irreversible manner. This latest round

The Department of the Treasury’s Office of Foreign Assets Control (OFAC) has designated 16 Chinese and Russian entities and individuals for activities related to the support of North Korea’s Kim Jong-un. These sanctions intentionally target third-country companies and individuals that (1) assist already-designated persons who support North Korea’s nuclear and ballistic missile programs, (2) deal