OFAC Amends General License to Restrict US Financial Transactions With Official Mission of North Korea to UN
The Office of Foreign Assets Control amended General License 1 -- which allows U.S. companies to provide goods or services to the official mission of the North Korean government to the United Nations -- to generally deny U.S. financial institutions…
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the ability to open and operate accounts for the diplomatic mission of North Korea, its employees and their families, OFAC said (here). New General License 1-A requires that fund transfers to or from the mission or its employees be conducted through an account at a specifically licensed U.S. financial institution.