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Financial Sanctions: Democratic People’s Republic of Korea

Monday, 12 December 2016

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

Annex IV and Annex V to Council Regulation (EC) No 329/2007 have been amended with effect from 9 December 2016, following the publication of Commission Implementing Regulation (EU) No 2016/2215.

Ten individuals and seven entities have been added to the list of ‘persons’ subject to an asset freeze.  Three entities and one individual already listed under Annex V (EU listings) have been moved to Annex IV (UN listings). 

Details of the additions 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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