NASD Notice to Members 98-008 - January 1998

Treasury Requires Reporting of Claims Against Government of North Korea

Executive Summary

As requested by the Department of Treasury (Treasury), the National Association of Securities Dealers, Inc. (NASD®) provides members with information from the Office of Foreign Assets Control (OFAC) about persons and entities identified as “Specially Designated Nationals and Blocked Persons” and about other OFAC regulations. On December 9, 1997, OFAC amended its regulations to require a mandatory, one-time reporting of all outstanding claims held by U.S. nationals against the Government of North Korea or any North Korean government entity. The reports must be submitted by March 9, 1998.