Menu9/11/17: Sanctions violations aren’t always straight lines. The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) made that clear recently when it designated 10 entities and six individuals for violating the UN Security Council Resolutions and attempting to evade US sanctions against North Korea. The action targets third-country companies and individuals that, among other things, enabled sanctioned North Korean entities to access the US and international financial systems. According to OFAC, “As a result of today’s action, any property or interests in property of the designated persons in the possession or control of U.S. persons or within the United States must be blocked, and U.S. persons are generally prohibited from dealing with them.” The action is a good reminder of the critical importance of knowing your third party associates.
