OFAC publishes guidance on DPRK illicit shipping practices and designates 2 entities

OFAC has published updated guidance for the global shipping industry on North Korea’s “illicit shipping practices”. It focuses on practices such as ship-to-ship transfers of petroleum and coal and falsifying cargo and vessel documents to evade international sanctions. Risk mitigation measures for the industry are also provided, as well as an overview of current sanctions regimes and designation lists relevant...