With the UN, the US treasury, and other national regulators focusing more extensively on global maritime trade, the need to keep pace with an ever increasingly complex sanctions landscape is vital.
This March 2019, the UN panel of experts (PoE) tasked with monitoring the implementation of UN Security Council sanctions on North Korea released its long-awaited annual report. The extensive report exposes a wide range of activities by which North Korea has continued to evade sanctions, with special focus on maritime trade and the increasing complexity of concealment methods now being used by North Korea and third-party facilitators in this sector.
Following this, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) released updated guidance on addressing North Korea, Syria, and Iran’s illicit shipping practices. Like the UN-PoE report, the advisory explores deceptive shipping practices, as well as recommended risk mitigation methods.
We have written a report exploring the current North Korean Sanctions landscape, deceptive shipping practices, and risk mitigation measures.