What 31 CFR Part 510 (North Korea Sanctions Regulations) - OFAC Blocking, Trade Prohibitions and Reporting requires
31 CFR Part 510, the North Korea Sanctions Regulations, implements the U.S. sanctions on North Korea administered by the Office of Foreign Assets Control under a series of Executive Orders and the North Korea Sanctions and Policy Enhancement Act. All property and interests in property of the Government of North Korea, the Workers' Party of Korea, and persons designated under the program that are in the United States or in the possession or control of a U.S. person are blocked and may not be transferred, paid, exported, withdrawn or otherwise dealt in. The regulations prohibit the importation into the United States of goods, services or technology from North Korea, the exportation or reexportation of goods, services or technology to North Korea, new investment in North Korea, and certain vessel and aircraft transactions. Consistent with OFAC's 50 Percent Rule, an entity owned 50 percent or more, directly or indirectly, in the aggregate by one or more blocked persons is itself blocked. Transactions that would otherwise be prohibited require an OFAC general or specific license, and payments due to blocked persons must be placed in blocked accounts. U.S. persons must report blocked property and rejected transactions to OFAC and file the annual report, maintain records for five years, and are subject to civil and criminal penalties under the International Emergency Economic Powers Act for violations.
Pillar: Financial Crime, AML & Sanctions · Authority: US Department of the Treasury Office of Foreign Assets Control (OFAC) · Version: 1.0.0 · Last updated:
Primary source: https://www.ecfr.gov/current/title-31/subtitle-B/chapter-V/part-510
SHA-256 integrity: c6b76c572e77452f6fdb0638cc9552908da3ece873250954ca7ba5b3f2f4b4b6
Primary Citations — 8 traced to source
- Executive Orders 13466, 13551, 13687, 13722 and 13810 - blocking property and prohibiting transactions with North Korea
- International Emergency Economic Powers Act, 50 U.S.C. 1701-1708 - statutory authority and penalties (50 U.S.C. 1705)
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