OFAC Sanctions List Search in KOREA, REPUBLIC OF

Recent Development: PAEK MA Added to SDN List

A notable vessel has been linked to sanctions imposed by the Office of Foreign Assets Control (OFAC) in KOREA, REPUBLIC OF. The PAEK MA has been added to the Specially Designated Nationals (SDN) list.

Key Details about the Listing

• Vessel Information:
  • IMO number: 9066978
  • Gross registered tonnage: Unknown
• Flag State: Democratic People’s Republic of Korea
• Linked Entities:
  • PAEKMA SHIPPING CO
  • FIRST OIL JV CO LTD

Implications for Transactions with the PAEK MA

The listing has significant implications for any individual or organization engaging in transactions with the PAEK MA. Under the North Korea Sanctions Regulations:

• U.S. Financial Institutions Prohibition: U.S. financial institutions are prohibited from conducting transactions involving individuals or entities linked to the vessel (sections 510.201 and 510.210).
• Prohibition of Transactions with Controlled Entities: All transactions involving persons owned or controlled by U.S. financial institutions with the PAEK MA are prohibited (section 510.214).

Exercise Extreme Caution

As a result of this listing, parties are advised to exercise extreme caution when engaging in any business dealings with the PAEK MA or its affiliates. The sanctions imposed by OFAC demonstrate the growing concern over North Korea’s maritime activities and the importance of complying with international regulations.