U.S. Warns Against Deceptive North Korean Shipping Tactics
Partner and international trade attorney Jonathan Epstein was quoted in a recent TradeWinds article covering a global warning issued by U.S. authorities. The departments of the Treasury’s Office of Foreign Assets Control and State and the U.S. Coast Guard warn that the deceptive practices used by North Korea's shipping industry to evade U.N. sanctions pose significant monetary and political risks and will be subject to intervention, such as asset freezes and travel bans.
According to Mr. Epstein, the U.S. will be aggressive in sanctioning shipping companies that support North Korea's tactics. "In particular, the designation of vessels on the U.S. Specially Designated National list is an economic death sentence, as it is virtually impossible to insure, register, and operate designated vessels in international trade," he said.
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