Clifford Chance

US Targets Foreign Financial Facilitators for Supporting North Korea

24 August 2017

On August 22, 2017, The US Treasury Department's Office of Foreign Assets Control designated 10 entities and 6 individuals, including two Singapore-based companies, as Specially Designated Nationals for providing support to North Korea in contravention of US and UN sanctions. The list includes persons located in China, Russia, Namibia, and Singapore who are accused of assisting North Korea's nuclear and ballistic missile programs, dealing with North Korea's energy industry, facilitating the exportation of North Korean workers, and enabling sanctioned North Korean persons to access the US and international financial system.

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