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

Friday, 16 June 2017

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

Annex IV to Council Regulation (EC) No 329/2007 has been amended with effect from 9 June 2017, following the publication of Commission Implementing Regulation (EU) No 2017/993.

PYON Yong Rip (Group ID: 11037) has been removed from the Consolidated List and is no longer subject to an asset freeze.

The identifying details for 32 individuals and 2 entities have been amended and are still subject to an asset freeze.

Details of the amendments can be found in the attached Annex.

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.

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