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

Tuesday, 10 April 2018

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

Council Regulation (EU) 2017/1509 has been amended following the publication in the Official Journal of the European Union of Council Implementing Regulation (EU) No 2018/548 (the Amending Regulation).

The Amending Regulation amended Annexes XIII and XIV to Council Regulation (EU) 2017/1509 with effect from 9 April 2018.

The Amending Regulation reflects the decisions made on the 30 March 2018 by the UN Security Council Committee to add 37 entries to the UN North Korea (Democratic People’s Republic of Korea) list.

A copy of the Amending Regulation can be obtained from the web site of the Official Journal of the European Union.

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 individual 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 FIU.

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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