November 14, 2018
The U.S. Department of State, with the U.S. Department of the Treasury’s Office of Foreign Assets Control, Customs and Border Protection and U.S. Immigration Department have issued the North Korea Sanctions & Enforcement Actions Advisory – Risks for Businesses with Supply Chain Links to North Korea.
The advisory highlights sanction evasion tactics used by North Korea that could expose businesses – including manufacturers, buyers, and service providers – to sanctions compliance risks under U.S. and / or United Nations sanctions authorities. This advisory also assists businesses in complying with the requirements under Title III, the Korean Interdiction and Modernization of Sanctions Act of the Countering America’s Adversaries Through Sanctions Act (CAATSA). Businesses should be aware of deceptive practices employed by North Korea in order to implement effective due diligence policies, procedures, and internal controls to ensure compliance with applicable legal requirements across their entire supply chains.
Links to the North Korea Sanctions & Enforcement Actions Advisory and Title III, the Korean Interdiction and Modernization of Sanctions Act of the CAATSA are: