OFAC Blocks Bank of East Land Under North Korea EO
The Office of Foreign Assets Control has announced the designation of North Korean financial institution Bank of East Land (aka Dongbang Bank) pursuant to Executive Order 13551, which targets North Korea’s importation and exportation of arms, importation of luxury goods,…
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and other illicit activities. As a result, U.S. persons are prohibited from conducting financial or commercial transactions with the designee, and any assets of the designee within U.S. jurisdiction are frozen. OFAC has also updated its Specially Designated Nationals list to include these designations.