International Trade Law News

The U.S. Department of State today designated two entities in North Korea under Executive Order 13382, which authorizes the blocking of property of persons engaged in proliferation activities and their support networks.

The following is a brief a summary of these entities:

• General Bureau of Atomic Energy (GBAE) -- located in Pyongyang, oversees the North Korean government's nuclear program and manages operations at the Yongbyon Nuclear Research Center.

• Korea Tangun Trading Corporation -- also located in Pyongyang, is subordinate to North Korea’s Second Academy of Natural Sciences and is primarily responsible for the procurement of commodities and technologies to support North Korea’s defense research and development programs and procurement, including materials that are controlled under the Missile Technology Control Regime or the Australia Group.

The two entities designated were also designated by the United Nations in July 2009 for their involvement in North Korea’s WMD and missile programs.

As a result of today's designations, these two entities have been added to OFAC's SDN List, assets of these entities that are within U.S. jurisdiction must be blocked and U.S. persons are prohibited from conducting any transactions with these entities.

Labels: North Korea, OFAC, State Department