U.S. ban on N.K.-flagged vessels takes effect

from Yonhap:

The U.S. Treasury’s ban on owning or operating North Korea-flagged vessels took effect as of Monday, the latest punitive action against a state accused of counterfeiting American currency and cigarettes.

The amendment to the Foreign Assets Control Regulations (FACR), announced on April 6, prohibits “U.S. persons” from owning, leasing, operating or insuring any vessel flagged by North Korea.

U.S. persons refers to U.S. citizens and permanent residents, U.S. entities, including their foreign branches, and any person in the U.S.

The move is in addition to an action taken last September designating Macau-based Banco Delta Asia as a primary money-laundering concern abetting North Korean front companies.

These companies are suspected of circulating bogus U.S. dollars and exporting items used for weapons of mass destruction.

The U.S. has had broad economic sanctions imposed against North Korea since 1950, when the Korean War (1950-1953) broke out, under the Trading with the Enemy Act.

The sanctions were eased in June 2000 when the U.S. amended FACR in return for Pyongyang’s moratorium on missile tests.

At least 11 U.S. vessels are affected by the new measure, and they had all been notified to take appropriate steps before Monday.


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