This news release is issued to publicise the amendment to the details of 9 existing entries under the Democratic People’s Republic of Korea sanctions regime.
The Democratic People's Republic of Korea (Sanctions) (EU Exit) Regulations 2019 (S.I. 2019/411) were made under the Sanctions and Anti-Money Laundering Act 2018 (the Sanctions Act) and provide for the freezing of funds and economic resources of certain persons, entities or bodies involved in the facilitation of any of the Democratic People’s Republic of Korea's military programmes . The Democratic People's Republic of Korea (Sanctions) (EU Exit) Regulations 2019 have effect in the Isle of Man by the Democratic People’s Republic of Korea anctions(Application) Regulations 2020 [SD 2020/0502].
Full details can be found in the attached 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 FIU.
Failure to comply with financial sanctions legislation or to seek to circumvent its provisions is a criminal offence.
Where a relevant institution has already reported details of accounts, other funds or economic resources held frozen for the designated persons and entity, they are not required to report these details again.
Further details of the sanctions regime related to the Democratic People’s Republic of Korea and links to the UK’s Consolidated List of Individuals and entities subject to other financial sanctions regimes may be found on the Customs and Excise pages of the Isle of Man Government website.