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

Friday, 9 November 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 2018/1654 (“the Amending Regulation”).

The Amending Regulation amended Annex XIV to Council Regulation (EU) 2017/1509 with effect from 8 November 2018.

The identifying information for 15 oil tankers and vessels has been updated, and they remain subject to an asset freeze.

Details of the amendments can be found in the attached document.

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 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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