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

Wednesday, 10 January 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 2018/12 (“the Amending Regulation”).

The Amending Regulation amended Annex XIII to Council Regulation (EU) 2017/1509 and reflects the UN Security Council resolution adopted on the 22 December 2017 in response to North Korea’s ongoing nuclear weapon and ballistic missile development activities.

The identifying information for 16 individuals and 1 entity have been amended and are still subject to an asset freeze.  Details of the changes can be found in the Annex to this news release.

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 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 individuals 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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