OFAC MAKES CHANGES TO SDN LIST AND RELEASES ADVISORY ON NORTH KOREA
March 20, 2018
On February 9, 2018, the U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC) made several additions to its Specially Designated Nationals (SDN) List. As you may recall from prior updates, OFAC maintains a list of individuals and companies whose assets are blocked and with whom U.S. persons are generally prohibited from dealing. In most cases, entities listed are owned or controlled by, or acting for or on behalf of, targeted countries. The SDN list also includes individuals, groups, and entities, such as terrorists and narcotics traffickers designated under programs that are not country‐specific.
The newest additions to the SDN list include:
Individuals
- ABUBAKAR, Abdulpatta Escalon (Linked To: ISLAMIC STATE OF IRAQ AND THE LEVANT).
- SAKARYA, Yunus Emre (Linked To: ISLAMIC STATE OF IRAQ AND THE LEVANT).
- YUSUF, Mohamed Mire Ali (Linked To: ISLAMIC STATE OF IRAQ AND THE LEVANT).
Entities
- AL-MUTAFAQ COMMERCIAL COMPANY (Linked To: YUSUF, Mohamed Mire Ali).
- LIIBAAN TRADING (Linked To: YUSUF, Mohamed Mire Ali).
- PROFESYONELLER ELEKTRONIK (Linked To: ISLAMIC STATE OF IRAQ AND THE LEVANT; Linked To: SAKARYA, Yunus Emre).
North Korea Sanctions Advisory
On February 23, 2018, OFAC released a North Korea Sanctions Advisory, which stated that U.S. statutory law requires the U.S. government to impose sanctions on any person determined to knowingly, directly or indirectly facilitate a significant transaction or transactions to operate or maintain an aircraft that is designated under a North Korea-related Executive Order (E.O.) or U.N. Security Council Resolution (UNSCR), or that is owned or controlled by a person designated under a North Korea-related E.O. or UNSCR.
Additionally, the U.S. government is also aggressively targeting for designation on the SDN list any person, among others, that either facilitates a significant export to or import from North Korea or engages in the transportation industry of the North Korea economy.
If you have any questions, please contact Evelyn Sahr (esahr@eckertseamans.com, 202-659-6622) or Drew Derco (dderco@eckertseamans.com, 202-659-6665).
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