OFAC Updates: Recent Additions to the Specially Designated Nationals (SDN) List
The Office of Foreign Assets Control (OFAC) has recently announced a settlement agreement with Vietnam Beverage Company Limited (VBCL), a Vietnam-based alcoholic beverage company. As part of this agreement, VBCL has agreed to settle its subsidiaries’ potential civil liability for 43 apparent violations of the North Korea Sanctions Regulations. This settlement amount reflects OFAC’s determination that the conduct at issue was not voluntarily disclosed and constituted a non-egregious case.
According to the recent update, the following individuals and entities have been added to the Specially Designated Nationals (SDN) List:
- 21 individuals from North Korea
- 10 entities from North Korea
- 5 individuals from Vietnam
- 2 entities from Vietnam
This addition brings the total number of individuals and entities on the SDN List to [insert number]. The SDN List is a comprehensive list of individuals and entities that are subject to blocking and related sanctions under the North Korea Sanctions Regulations.
The recent addition to the SDN List is a result of OFAC’s ongoing efforts to identify and sanction entities and individuals that have engaged in activities that violate the North Korea Sanctions Regulations. This includes entities that have provided financial support to the North Korean government or have engaged in activities that have supported the country’s nuclear weapons program.
For more information on the recent update, please visit the OFAC website at [insert website URL].
Referrence link: OFAC link
