North Korea sanctions evasion continues

Since the imposition of UN sanctions on North Korea, the rogue nation has been relentless in its attempts to continue to access global markets. According to a report from the Royal United Services Institute (RUSI), North Korean ships have changed their evasion tactics yet again, finding ways to transfer goods in the waters south of Shanghai near the port of Zhousan. 

Companies purchasing or shipping coal, oil and other restricted commodities should be aware of the methods that sanctioned parties, including those in North Korea, use to disguise ownership and the origin and destination of goods. Due diligence is critical to mitigating the risks of facilitating sanctions evasion. 

The US has also issued several advisories about the methods North Korean actors use to evade sanctions restrictions, and has been active designating complicit ships, brokers and banks. Further information can be found here and here.