The latest in compliance issues in wealth management across North America.

US Treasury
The US Department of the Treasury’s Office of Foreign Assets Control is taking action against three individuals in response to the North Korean regime’s ongoing human rights abuses and censorship. 

“Treasury is sanctioning senior North Korean officials who direct departments that perpetrate the regime’s brutal state-sponsored censorship activities, human rights violations and abuses, and other abuses in order to suppress and control the population,” Treasury Secretary Steven T Mnuchin, said.

The Treasury’s OFAC designated, Choe Ryong Hae, who is an official of the WPK (Workers’ Party of Korea), is reportedly seen as the “Number Two” official with control over the party, government, and military. OFAC also designated Pak Kwang Ho for being an official of the WPK.

In total, since January 2017, the US Department of The Treasury has taken action against over 500 individuals and entities engaged in activities related to, or directly involving, human rights abuse, including actions which happened today under the North Korea program, and programs such as Global Magnitsky, Syria, South Sudan, the Democratic Republic of the Congo, Venezuela, Russia, Iran, and other sanctions programs.