Blocking Property of Certain Persons With Respect to North Korea

Sep 1, 2010

Summary

Freezes the money and property of anyone helping North Korea with weapons, illegal activities, or buying luxury items to pressure the country.

What problem does this solve?

North Korea's actions, like testing nuclear weapons and sinking a South Korean ship, threaten the United States and its allies. This order freezes the U.S. assets of anyone helping North Korea, cutting off their financial support to stop these dangerous activities.

What does this order do?

Blocks property and assets

Freezes all property and money in the U.S. belonging to people or groups helping North Korea with certain banned activities.

Targets specific harmful activities

Sanctions anyone who trades arms, provides military-related services, sends luxury goods, or engages in illegal money-making schemes like counterfeiting or drug trafficking with North Korea.

Expands national emergency

Broadens the scope of the national emergency declared in Executive Order 13466, citing North Korea's continued destabilizing actions as a threat to U.S. national security.

Prohibits avoiding sanctions

Makes it illegal for any U.S. person to try to get around these rules or help others violate them.

Who does this affect?

Government of North Korea
Individuals and companies involved in prohibited trade with North Korea
U.S. financial institutions

What is the real world impact?

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Responds to North Korean aggression

Directly addresses specific hostile acts by North Korea, including its 2010 attack on a South Korean naval ship and its 2009 nuclear test, by imposing financial penalties.

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Applies economic pressure

Aims to change North Korea's behavior by cutting off its access to the U.S. financial system and preventing it from funding its weapons programs and illicit activities through international trade.

When does this start?

The order went into effect at 12:01 p.m. EDT on August 30, 2010.