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§510.311 Government of North Korea.
The term Government of North Korea includes:
(a) The state and the Government of the Democratic People's Republic of Korea, as well as any political subdivision, agency, or instrumentality thereof;
(b) Any entity owned or controlled, directly or indirectly, by the foregoing, including any corporation, partnership, association, or other entity in which the Government of North Korea owns a 50 percent or greater interest or a controlling interest, and any entity which is otherwise controlled by that government;
(c) Any person that is, or has been, acting or purporting to act, directly or indirectly, for or on behalf of any of the foregoing; and
(d) Any other person determined by OFAC to be included within paragraphs (a) through (c) of this section.
Note 1 to §510.311: The names of persons that OFAC has determined fall within this definition are published in the Federal...
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1) Note on the Relationship Between the "50% rule" and the Regulatory Definitions of "Government of [X]"
Any “person” (i.e. individual or entity) that meets the applicable definitions of "Government of Venezuela," "Government of Syria," "Government of North Korea" or "Government of Iran" is blocked. In all four cases, the applicable definitions [1] provide that an ENTITY meets the definition of "Government of [X]" if it is one that is "owned or controlled, directly or indirectly" by the blocked government.
In three of the four cases, OFAC's regulations specify that an ENTITY meets the definition of "Government of [Syria/Iran/North Korea]" if it is one in which the government owns "owns a 50 percent or greater interest or a controlling interest." This is not the case for Venezuela.
In all four cases, a person is blocked if the person is one in which...