The Treasury announces that the above Order has been made and will come into effect on 14 March 2018, and wishes to draw attention to new offences and penalties.
The Export Control (North Korea Sanctions) Order 2018 (Application) Order 2018, which is being applied in Island law with modifications, provides for the enforcement of trade restrictions against North Korea as specified in Regulation (EU) No 2017/1509 (as amended), and creates the necessary offences and penalties for contravention of those trade restrictions.
The applied Order also provides for the granting of licences by the Treasury for certain activities that would otherwise be prohibited, and makes it an offence to knowingly or recklessly provide false information for the purpose of obtaining an authorisation (licence), or for failing to comply with the requirements or conditions of such an authorisation.
The applied Order ensures that the updated EU sanctions measures can be enforced in the Isle of Man.
For more information on sanctions and export control restrictions contact Customs and Excise or visit the website.
