In response to North Korea’s September 2016 nuclear test and ongoing violations of United Nations Security Council resolutions, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated 16 entities and seven individuals for their ties to the Government of North Korea’s nuclear proliferation efforts.
As a result of the sanctions, 16 aircraft have been blocked as property of a designated entity. Any property or property interests of the designated persons in the possession of U.S. individuals or within the United States will also be blocked. Additionally, U.S. persons are prohibited from engaging in transactions involving the designated persons, entities and listed aircraft.
The actions by OFAC were made in accordance to Executive Order 13382, which targets weapons of mass destruction (WMD) proliferation efforts and their supporters; Executive Order 13687, which specifically targets the North Korean Government and its supporters; and Executive Order 13722, which partly targets the country’s trade in metals, graphite, coal, software and revenue made from overseas workers.
“These sanctions aim to cut the flow of financial resources to North Korea and further counter the regime’s destabilizing and provocative behavior,” Adam J. Szubin, Acting Under Secretary for Terrorism and Financial Intelligence, said.
“From financial services to mining and energy, today’s action targets individuals and entities operating in key industries that support North Korea’s illicit activities. Treasury will continue to use all of its financial tools to intensify the pressure on North Korea and those supporting the regime’s nuclear ambitions and WMD programs,” he added.