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Title 31: Money and Finance: Treasury
Subtitle B: Regulations Relating to Money and Finance (Continued)
CHAPTER V: OFFICE OF FOREIGN ASSETS CONTROL, DEPARTMENT OF THE TREASURY
PART 500: FOREIGN ASSETS CONTROL REGULATIONS
Subpart E: Licenses, Authorizations and Statements of Licensing Policy
500.583 - News organization offices.
(a) Specific licenses may be issued authorizing all transactions necessary for the establishment and operation of news bureaus in North Korea by U.S. organizations whose primary purpose is the gathering and dissemination of news to the general public.
(b) Transactions that will be authorized include but are not limited to those incident to the following:
(1) Leasing office space and securing related goods and services;
(2) Hiring North Korean nationals to serve as support staff;
(3) Purchasing North Korean-origin goods for use in the operation of the office; and
(4) Paying fees related to the operation of the office in North Korea.
(c) Specific licenses may be issued authorizing transactions necessary for the establishment and operation of news bureaus in the United States by North Korean organizations whose primary purpose is the gathering and dissemination of news to the general public.
(d) The number assigned to a specific license issued pursuant to this section should be referenced in all import documents, and in all funds transfers and other banking transactions through banking institutions organized or located in the United States, in connection with the licensed transactions to avoid the blocking of goods imported from North Korea and the interruption of the financial transactions with North Korea.
[60 FR 8935, Feb. 16, 1995]
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