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

Wednesday, 24 January 2018

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

Annex XVI to  Council Regulation (EU) No 2017/1509 has been amended with effect from 22 January 2018, following the publication of Commission Implementing Regulation (EU) No 2018/87.

Details of the additions 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.  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.

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.

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