On 23 May 2017, the European Union (North Korea Sanctions) (Amendment) (No. 2) Order 2017 [SD 2017/0186] came into operation, applying in Island law Council Regulation (EU) 2017/658 of 6 April 2017 amending Regulation (EC) No 329/2007 concerning restrictive measures against the Democratic People’s Republic of Korea.
This followed the European Union (North Korea Sanctions) (Amendment) Order 2017 [SD 2017/0161], which applied in Island law Council Regulation (EU) No 2017/330 with effect from 26 April 2017.
As a consequence of the two Orders the following changes have been made:
- with effect from 26 April 2017, it is prohibited to open a new bank account held or controlled by a North Korean diplomatic mission, consular post or their North Korean members; and
- any bank account held or controlled by a North Korean diplomatic mission, consular post or their North Korean members must be closed;
- with effect from 23 May 2017, the existing prohibition on investments in North Korea has been extended to cover conventional arms-related industries, metallurgy and metal-working and aerospace; and
- it is prohibited to provide to persons and entities in North Korea computer services and services linked to mining and manufacturing in the chemical, mining and refining industries.
Derogations from the requirement to close existing bank accounts, and the prohibition on opening a new bank account may be authorised by Treasury in certain circumstances.
Other sanctions measures now in place include:
- restrictions on transactions in coal, iron and iron ore from North Korea;
- a ban on imports of copper, nickel, silver, zinc as well as statues from North Korea;
- a ban on export of new helicopters and vessels to North Korea, the tightening of existing restrictions in the transport sector as well as in the financial sector; and
- restrictions on the use of real estate property by North Korea in the territory of the EU and the Island.
For more information on financial and other sanctions in respect of North Korea please see the information on the Customs and Excise website or contact Customs and Excise Division.
