Segori-dong, Gyongheung St., Potonggang District, Pyongyang, Korea, North

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2010-11-18

US

North Korea Sanctions Regulations, 31 C.F.R. part 510; Executive Order 13551 Blocking Property of Certain Persons With Respect to North Korea

OFAC country specific / UN

Democratic People's Republic of Korea

Blocking Property, Suspending Entry, Trade sanctions

• https://ofac.treasury.gov/faqs/topic/1556 460. Can U.S. persons do business with entities in North Korea? No. Unless authorized pursuant to a general or specific license from OFAC and/or BIS, Executive Order (E.O.) 13722 prohibits new investment in North Korea by a U.S. person and the exportation or reexportation, from the United States, or by a U.S. person, of any goods, services, or technology to North Korea. E.O. 13810 (“Imposing Additional Sanctions with Respect to North Korea”) does not modify any of those prohibitions.

On November 4, 2010, OFAC issued the North Korea Sanctions Regulations, 31 C.F.R. part 510 (the NKSR), to implement E.O. 13466 and E.O. 13551. On June 20, 2011, OFAC amended the NKSR to implement E.O. 13570. Also on June 20, 2011, pursuant to Proclamation 8271, OFAC removed parts 500 (the Foreign Assets Control Regulations) and 505 (the Transaction Control Regulations) from 31 C.F.R. chapter V. The NKSR replace the Foreign Assets Control Regulations, to the extent they pertained to North Korea. On August 30, 2010, the President issued E.O. 13551 pursuant to, inter alia, IEEPA, the NEA, and the United Nations Participation Act (22 U.S.C. § 287c) (the UNPA), expanding the scope of the national emergency declared in E.O. 13466 and providing for the blocking of property and interests in property of certain persons with respect to North Korea.

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