U.S. Lifts TWEA Sanctions on North Korea, But Most Trade-Related Restrictions Remain Until Further Notice
As a result of North Korea's declaration of its nuclear programs, facilities and materials, today President Bush issued a Proclamation lifting the application of the Trading With the Enemies Act (TWEA) on North Korea. At the same time, the President issued an Executive Order continuing certain restrictions with respect to North Korea that would otherwise be lifted pursuant to the Proclamation terminating the TWEA restrictions on North Korea. As a result, nearly all restrictions that might be lifted by ceasing application of the TWEA on North Korea will remain in place under other U.S. laws and regulations (namely IEEPA) and will not be modified until North Korea cooperates in verifying the accuracy and completeness of its declaration.
In addition, the President today issued a memorandum to to Secretary of State that will authorize the removal of North Korea from the list of State Sponsors of Terrorism in 45 days. North Korea has been considered to be a State Sponsor of Terrorism since January 1988.
Until further changes are announced by Office of Foreign Assets Control (OFAC), the current restrictions on the import of goods of North Korean origin will remain in place. In addition, North Korean blocked funds held by U.S. financial institutions will continue to be blocked until further notice. Exports to North Korea continue to be regulated by the Commerce Department's Bureau of Industry and Security.