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

Monday, 18 September 2017

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

Council Regulation (EC) No 329/2007 has been repealed and replaced by Council Regulation (EU) 2017/1509, which has been applied in Island law by the European Union (North Korea Sanctions) Order 2017.

The identifying information for 100 individuals and 54 entities has been amended.  One duplicated entry has also been deleted.

Details of the amendments and deleted entry can be found in the Annex to this news release.

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 Sanctions Officer at the Customs and Excise Division of the Treasury.  Where a relevant institution has already reported details of accounts, other funds or economic resources held frozen for the designated individuals 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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