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OFAC “designations” of companies, individual for facilitating North Korean shipments

OFAC designations, facilitating North Korean shipments

The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced new North Korea-related designations.

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As noted in a Treasury release, the OFAC designated one individual and three entities for “facilitating illicit shipments to North Korea” using falsified shipping documents or providing port services to North Korea-flagged vessels.  

The Treasury Department announced that it will continue to implement existing sanctions on North Korea, and will take action to block and designate companies, ports, and vessels that facilitate illicit shipments and provide revenue streams to North Korea. 

KPMG observation

Treasury’s action serves as a reminder to U.S. exporters and other organizations that measures are being taken and will continue to be taken as they relate to U.S. and United Nations’ sanctions on North Korea.

For more information on this topic or to learn more about KPMG’s Trade & Customs Services, contact:

Doug Zuvich
Partner, Global Practice Leader
T: 312-665-1022
E: dzuvich@kpmg.com

Andy Siciliano
Partner, National Practice Leader
T: 631-425-6057
E: asiciliano@kpmg.com

Irina Vaysfeld
Principal
T: 212-872-2973
E: ivaysfeld@kpmg.com

Robert Waldrop
Principal
T: 212-954-8117 
E: rwaldrop@kpmg.com

Christopher Young
Principal
T: 312-665-3229
E: christopheryoung@kpmg.com

George Zaharatos
Principal
T: 404-222-3292
E: gzaharatos@kpmg.com

John L. McLoughlin
Principal, East Coast Leader
T: 267-256-2614
E: jlmcloughlin@kpmg.com

Luis (Lou) Abad
Principal, WNT
T: 212-954-3094
E: labad@kpmg.com

Amie Ahanchian
Managing Director
T: 202-533-3247
E: aahanchian@kpmg.com

Gisele Belotto
Managing Director
T: 305-913-2779
E: gbelotto@kpmg.com

Andy Doornaert
Managing Director
T: 313-230-3080
E: adoornaert@kpmg.com

Jessica Libby
Managing Director
T: 612-305-5533
E: jlibby@kpmg.com

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