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

Friday, 29 April 2016

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

Annex V to Council Regulation (EC) No 329/2007 have been amended with effect from 28 April 2016, following the publication of Commission Implementing Regulation (EU) No 2016/659.

One entity has been added to the Consolidated List, six individuals have had their identifying information amended, and one entity has been removed.

ADDITION 

Entity 

KOREA NATIONAL INSURANCE CORPORATION (KNIC) 

a.k.a: (1) Korea Foreign Insurance Company (2) Korea National Insurance Corporation of Alloway 

Address: (1) Haebangsan-dong, Central District, Pyongyang, DPRK. (2) Kidbrooke Park Road, Blackheath, London, SE3 0LW. (3) Rahlstedter Strasse 83a, Hamburg, 22149. 

Other Information: Korea National Insurance Corporation (KNIC), a State-owned and controlled company, is generating substantial foreign exchange revenue which could contribute to the DPRK's nuclear-related, ballistic-missile-related or other weapons-of-mass-destruction related programmes. Furthermore, the KNIC headquarters Pyongyang is linked to Office 39 of the Korean Worker's Party, a designated entity. 

Listed on: 28/04/2016 Last Updated: 28/04/2016 Group ID: 13355. 

AMENDMENTS 

Deleted information appears in square brackets [    ] Additional information appears in italics. 

Individuals 

CHOE, Chun-Sik 

DOB: 23/12/1963. 

POB: Pyongyang, DPRK 

Passport Details: Passport No 745132109. Valid until 12.2.2020 

Position: Director in the reinsurance department of Korea National Insurance Corporation (KNIC) Headquarters in Pyongyang 

Address:[ Rahlstedter Strasse 83 a, Hamburg, 22149]. 

Other Information: EU listing. Not UN. [Authorised plenipotentiary representative of KNIC GmbH, acting on behalf of KNIC or at its direction]. Continues to act for or on behalf of KNIC or at its direction.

Listed on: 03/07/2015 Last Updated: [03/07/2015] 28/04/2016 Group ID: 13257.

 

KANG, Song-SNam 

DOB: 05/07/1972. 

POB: Pyongyang, DPRK 

Address: [Rahlstedter Strasse 83 a, Hamburg, 22149]. 

Other Information: EU listing. Not UN. Former authorised [plenipotentiary] representative of KNIC [GmbH], [acting] continues to act for or on behalf of KNIC or at its direction. 

Listed on: 03/07/2015 Last Updated:[ 03/07/2015] 28/04/2016 Group ID: 13256.

 

KIM, Il-Su 

DOB: 02/09/1965. 

POB: Pyongyang, DPRK 

Position: Manager in the reinsurance department of Korea National Insurance Corporation (KNIC) Headquarters in Pyongyang 

Address: [Rahlstedter Strasse 83 a, Hamburg, 22149]. 

Other Information: EU listing. Not UN. Former authorised chief [plenipotentiary] representative of KNIC in Hamburg GmbH, acting on behalf of KNIC or at its direction. 

Listed on: 03/07/2015 Last Updated: [03/07/2015] 28/04/2016  Group ID: 13255.

 

PAK, Chun-San 

DOB: 18/12/1953. 

POB: Pyongyang, DPRK 

Passport Details: Passport No: PS472220097 

Position: Director in the reinsurance Department of Korea National Insurance Corporation (KNIC) [Head of Department of KNIC] Headquarters in Pyongyang 

Other Information: EU listing. Not UN. Former authorised [plenipotentiary] Chief Representative of KNIC [GmbH]  in Hamburg. Continues to act [Acting] on behalf of KNIC or at its direction. 

Listed on: 03/07/2015 Last Updated: [03/07/2015] 28/04/2016 Group ID: 13259. 

 

SIN, Kyu-Nam 

DOB: 12/09/1972.

POB: Pyongyang, DPRK 

Passport Details: Passport No: PO472132950 

Position: Director in the reinsurance Department of Korea National Insurance Corporation (KNIC) [Head of Department of KNIC Headquarters in Pyongyang] 

Other Information: EU listing. Not UN. Former authorised [plenipotentiary] representative of KNIC [GmbH] in Hamburg. Acting for or on behalf of KNIC or at its direction. 

Listed on: 03/07/2015 Last Updated: [03/07/2015] 28/04/2016  Group ID: 13258. 

SO, Tong Myong 

DOB: 10/09/1956. 

Position: [Managing Director of KNIC Gmbh Hamburg] President of Korea National Insurance Corporation (KNIC), 

Other Information: EU listing. Not UN. Acts on behalf of KNIC or at its direction. 

Listed on: 03/07/2015 Last Updated: [03/07/2015] 28/04/2016 Group ID: 13260 

DELISTING 

Entity 

KOREA NATIONAL INSURANCE COMPANY (KNIC) GMBH 

a.k.a: Korea Foreign Insurance Company 

Address: Rahlstedter Strasse 83 a, Hamburg, 22149 .

Other Information: EU listing. Not UN. KNIC GmbH is a subsidiary controlled by KNIC headquarters in Pyongyang (address Haebangsan-dong, Central District, Pyongyang, DPRK), a government entity. It generates substantial foreign exchange revenue which is used to support the regime in North Korea. The KNIC headquarters Pyongyang is linked to Office 39 of the Korean Worker's Party. 

Listed on: 03/07/2015 Last Updated: 28/04/2016 Group ID: 13261 

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 entity and individuals.  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 entity and 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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