OFAC – North Korean Vessels – U.S. Ownership Prohibition

The Office of Foreign Assets Control (OFAC) has amended the regulations to prohibit US persons from registering vessels in the Democratic People’s Republic of Korea [North Korea] or otherwise obtaining authorization for a vessel to fly the North Korean flag. US persons are already prohibited from owning, leasing, operating, or insuring any North Korean vessel. The amendment is effective immediately. 72 Fed. Reg. 4960 Source: HK Law