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Financial Sanctions: Democratic People’s Republic of Korea (North Korea)

Tuesday, 4 August 2020

This news release is issued in respect of the restrictive measures directed against the Democratic People's Republic of Korea.

Council Regulation (EU) 2017/1509 has been amended following the publication in the Official Journal of the European Union of Council Implementing Regulation (EU) 2020/1129 (“the Amending Regulation”). The Amending Regulation amended Annexes XV and XVI to Council Regulation (EU) 2017/1509 with effect from 1 August 2020.

Thirty seven entries in the Annex to this news release have had their identifying information amended and remain subject to an asset freeze.

Financial institutions and other persons are requested to check whether they maintain any accounts or otherwise hold funds or economic resources for, or provide financial services to, the designated individuals and entities. If so, they must freeze such accounts or other funds and, unless licensed by the Treasury, refrain from dealing with said funds or economic resources, and suspend the provision of any financial services. They must also report their findings to the FIU. Where a relevant institution has already reported details of accounts, other funds or economic resources held frozen for the designated individuals and entities they are not required to report these details again.

Failure to comply with financial sanctions legislation or to seek to circumvent its provisions is a criminal offence.

Further details of the sanctions regime related to the Democratic People’s Republic of Korea  and links to the Consolidated List of individuals and entities subject to these and other financial sanctions may be found on the Customs and Excise pages of the Isle of Man Government website.

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