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

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

Annex IV Council Regulation (EC) No 329/2007 has been amended with effect from 11 August 2017, following the publication of Commission Implementing Regulation (EU) No 2017/1457.

The Amending Regulation reflects the decisions made on 5 August 2017 by the United Nations Security Council Committee to add 9 individuals and 4 entities to the UN list and to amend the existing information for 2 individuals.

Details of the additions and amendments can be found in the Annex to this Notice.

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 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.