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

On 12 January 2018 a Corrigenda was published in the Official Journal of the European Union, correcting Council Regulation (EU) 2017/1509, in respect of the SWIFT code for Daedong Credit Bank.

CORRECTION

Deleted information appears in square brackets. Additional information appears in italics.

Entity

DAEDONG CREDIT BANK (DCB)

a.k.a: (1) DCB (2) Taedong Credit Bank

Address: (1) Ansan-dong, Botonggang Hotel, Pongchon, Pyongyang, DPRK. (2) Suite 401, Potonggang Hotel, Ansan-Dong, Pyongchon District, Pyongyang, DPRK.

Other Information: Annex XIII. UN listing. UN Ref KPe.23. SWIFT: DCBK [KKPY] KPPY. Daedong Credit Bank has provided financial services to the Korea Mining Development Trading Corporation (KOMID) and Tanchon Commercial Bank. Since at least 2007, DCB has facilitated hundreds of financial transactions worth millions of dollars on behalf of KOMID and Tanchon Commercial Bank.

Listed on: 05/03/2016 Last Updated: [15/09/2017] 26/02/2018 Group ID: 13341.

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 entity.  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 entity 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 North 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.