On February 18, 2016, President Obama signed a law that Congress passed in response to North Korea’s claimed detonation of a thermonuclear bomb and launch of a satellite into earth orbit. When implemented by US government regulations, the new law will – among other things – require the Administration to identify persons, companies and financial institutions that facilitate North Korea’s efforts:
- to develop nuclear weapons and delivery systems
- to commit human rights violations and censor speech
- to import luxury goods for the regime’s use at the expense of its people
- to threaten cyber-security
- to launder money
- to purchase arms
Once identified, the Administration is directed to freeze such persons’ assets to the extent that they are subject to US jurisdiction and to prohibit US financial institutions from doing business with them. Basically, this means that designated individuals and entities will be added to existing lists of those with whom US persons are barred from doing business of any kind.
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