Circular
Office of Foreign Assets Control - Transactions with North Korea
June 19, 2000
Circular No. 11252

To All Depository Institutions, and Others Concerned in the Second Federal Reserve District:

The following is a bulletin that the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury has sent to on-line depository institutions, regarding new regulations permitting financial, trade, and other transactions with North Korea, effective today.

"FOR IMMEDIATE ATTENTION-A BULLETIN FROM THE OFFICE OF FOREIGN ASSETS CONTROL"

OFAC HAS AMENDED THE FOREIGN ASSETS CONTROL REGULATIONS TO PERMIT NEW FINANCIAL, TRADE, AND OTHER TRANSACTIONS WITH NORTH KOREA AND ITS NATIONALS. AN IMPORT NOTIFICATION AND APPROVAL PROCEDURE IS IN PLACE FOR ALL IMPORTS FROM NORTH KOREA. ASSETS BLOCKED PRIOR TO 06/19/2000 MUST REMAIN BLOCKED UNLESS LICENSED. COMPLETE INFORMATION CAN BE DOWNLOADED BY VISITING OFAC'S HOMEPAGE ON THE INTERNET (http://www.treas.gov/ofac), FAX-ON-DEMAND SERVICE (202/622-0077), OR ANY OF OFAC'S OTHER SITES. QUESTIONS? CALL OFAC COMPLIANCE AT 1-800-540-6322.

COMPL000495

The text (pdf - 120kb) of the amendments to the OFAC regulations, as published in today's issue of the Federal Register is available. If you have any questions, contact OFAC, as specified above.