On September 1, 2020, the US Department of State’s Bureau of International Security and Nonproliferation, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”), and the US Department of Commerce’s Bureau of Industry and Security issued a joint advisory on North Korea’s ballistic missile procurement activities (“Advisory“). The Advisory, among other things, identifies key participants of North Korea’s ballistic missile procurement and their deceptive tactics and key items, including materials and equipment, used in the North Korean ballistic missile programs, which North Korea tries to source internationally. The Advisory also reminds both US and non-US parties, especially those in the electronics, chemical, metals, and materials industries as well as the financial, transportation, and logistics sectors, of the risk of involvement in North Korea’s ballistic missile procurements, the potential consequences of violating relevant United Nation and/or US sanctions, the need for a risk-based approach to sanction compliance, and a list of compliance resources to reference.
To read the rest of this article by Nicholas F. Coward, Eunkyung Kim Shin and Iris Zhang, please go to our Sanctions and Export Controls Update blog.
