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

Friday, 19 July 2019

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) 2019/1207 (“the Amending Regulation”).

The Amending Regulation amended Annexes XIII, XV and XVI to Council Regulation (EU) 2017/1509 with effect from 18 July 2019

The following two entries have been amended and they remain subject to financial sanctions.


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


CHOL, Ri Pyong 

DOB: --/--/1948. 

Position: First Vice Director, Munitions Industry Department

Other Information: As First Vice Director of the Munitions Industry Department, holds a pivotal position within the DPRK's ballistic missile programme. Annex [XV] XIII. 

Listed on: 16/10/2017 Last Updated: [17/10/2017] 18/07/2019 Group ID: 13546. 



a.k.a: (1) North Korea Maritime Administration Bureau (2) Maritime Administration of DPR Korea 

Address: Ryonhwa,2Dong, Central District, Pyongyang, DPRK, PO Box 416. 

Other Information: Tel, +850-2-18111 Ex 8059. Fax, +850,, Website, Annex XVI. 

Listed on: 16/10/2017 Last Updated: [17/10/2017] 18/07/2019 Group ID: 13552. 

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 individual 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 FIU.

Where a relevant institution has already reported details of accounts, other funds or economic resources held frozen for the designated individual and 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 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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