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US and Japan Strengthen Sanctions Against North Korea

By Trade Practitioner on February 25, 2016

The US Congress passed legislation on 12 February 2016 (Pub. L. 114-122) that would enhance the current economic sanctions program against North Korea. The measure is intended to address recent aggressive tactics by North Korea, including nuclear and missile tests, cyber-attacks, human rights abuses and other activities. It authorizes direct or “primary” sanctions against persons and entities found to be involved in those activities in or with North Korea, as well as “secondary” sanctions to restrict access to US markets by those found to have provided financial, technical or other support for those activities. President Obama signed the bill into law on 18 February 2016. Japan also imposed new sanctions against North Korea on 10 February 2016, in response to the country’s launch of a new long-range rocket under the pretext of placing a satellite in orbit. The sanctions include: a travel ban on North Koreans and for foreign engineers who have visited North Korea; a ban on North Korean ships to enter Japanese ports; asset freeze on listed individuals and corporate entities; and prohibition on money transfers of over ¥100,000 (with the exception of the transfers related to humanitarian aid).

  • Posted in:
    International
  • Blog:
    The Trade Practitioner
  • Organization:
    Squire Patton Boggs
  • Article: View Original Source

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