Recent OFAC Actions
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OFAC has published an amendment to the Foreign Assets Control Regulations, 31 C.F.R. part 500 (the “FACR”) , to prohibit U.S. persons from registering vessels in the Democratic People’s Republic of Korea (“North Korea”), or from otherwise obtaining authorization for a vessel to fly the North Korean flag. The FACR already prohibit U.S. persons from owning, leasing, operating, or insuring any North Korean-flagged vessel.
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