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Financial Sanctions: North Korea

Monday, 6 June 2016

FURTHER SANCTIONS MEASURES INCLUDING NEW AUTHORISATION REGIME FOR TRANSFERS OF FUNDS TO OR FROM NORTH KOREA

On 3 June 2016, the European Union (North Korea Sanctions) (Amendment) (No.3) Order 2016 [SD 2016/0190] applied in Island law Council Regulation (EU) No 2016/841. At the same time, the European Union (North Korea Sanctions) Regulations 2013 were amended.

With effect from 3 June 2016, it is prohibited to –

  • transfer funds to/from North Korea unless the funds are for a specific purpose as listed in Regulation 329/2007/EU;
  • transfer any funds over €15,000 without specific authorisation from the Treasury;
  • provide financial support for trade with North Korea; and
  • accept or approve investment in any commercial activity as detailed in Regulation 329/2007/EU.

Article 5c of Regulation 329/2007/EU is concerned with transfers of funds and guidance on complying with its requirements, and for a transfer of funds, can be found in the Annexes to this news release. The form to be used to request authorisation from the Treasury can be obtained upon request from Customs and Excise.

Sanctions Notice 23 on the Customs and Excise webpages will be updated in due course.

With effect from 3 June 2016, sanctions measures concerning North Korea in the Island are fully aligned with those in force in the UK.

For more information contact Customs and Excise

Customs and Excise Division

P.O. Box 6

Custom House

North Quay

Douglas

Isle of Man

IM99 1AG

Telephone:+44 1624 648100

Email:Send Email

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