President Bush has signed a proclamation terminating the exercise of the Trading With the Enemy Act (TWEA) with respect to North Korea, effective 12:01 AM, June 27, 2008. However, his Executive Order of June 26, 2008, finds that "the current existence and risk of the proliferation of weapons-usable fissile material on the Korean Peninsula constitute an unusual and extraordinary threat to the national security and foreign policy of the United States".
He therefore finds it necessary to continue certain restrictions with respect to North Korea, including a continuation of the previous order to block property for North Korea and North Korean nationals, and a prohibition on United States persons to own, lease, operate, or insure any North Korean vessel.
For additional developments on this matter, check the
Office of Foreign Assets Control (OFAC) website
.