By Maya Lester KC & Michael O’Kane

Sanctions Profile: South Korea


Japan and South Korea restore each other’s preferred trade country status

On 27 June 2023, Japan re-added South Korea as a preferred trade country (Group A country).  Japan removed South Korea from what was formerly known as the “white list” in 2019 “to ensure the appropriate implementation of security export control” (previous post).  South Korea similarly restored Japan to its list of preferred trade countries in April 2023. On 7 July …

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OFAC issues South Korea specific licence to pay Iran award

The South Korean government confirmed on Wednesday (12 January 2022) that it has been granted a specific licence by OFAC to execute an arbitral award to Iran’s Dayyani family using the US financial system. The Dayyanis, major shareholders of Iranian home appliance company Entekhab, filed an investor-state dispute settlement (ISDS) complaint against the South Korean government in 2015 over a …

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Industrial Bank of Korea charged with AML failures & concludes DPA with US DOJ

The US Attorney General for the Southern District of New York has announced criminal charges against the Industrial Bank of Korea (IBK) of violating the Bank Secrecy Act by wilfully failing to establish, implement and maintain an adequate anti-money laundering programme at IBK’s New York branch from 2011 to 2014. Conduct The failure to implement an AML programme is said …

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Japan removes South Korea from export ‘white list’

Japan has announced the removal of South Korea from their “white list” of countries holding preferential trade status “to ensure the appropriate implementation of security export control” under the Foreign Exchange and Foreign Trade Act, Act No 228 of 1949. Japan has already imposed controls on three chemicals necessary to S Korea’s semiconductor industry. Japan will now control exports to …

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European Commission to ban Sri Lankan imports in fight against illegal fishing

On 14 October 2014, the European Commission issued a press release on its efforts to curb illegal, unreported and unregulated (IUU) fishing around the world. The Commission has decided to ban all imports of fisheries products from Sri Lanka, as the county has failed to demonstrate a sufficient commitment to tackling IUU fishing in its waters. The decision comes after…...

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Current Sanctions

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