This news release is issued to publicise the amendment of 1 entry under the Democratic People’s Republic of Korea 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 Sanctions (Application) Regulations 2020 [S.D. 2020/0502].
On 04 March 2022 the Foreign, Commonwealth and Development Office updated the UK Sanctions List. This list provides details of those designated under sanctions legislation.
The following entries have been amended and is still subject to an asset freeze:
- Pak Chun IL (Group ID: 13414)
Full details can be found in the annex to this notice.
Consequently the Foreign, Commonwealth and Development Office updated the Consolidated List. This list provides details of those designated under sanctions legislation.
Further details on the UN measures in respect of Democratic People’s Republic of Korea can be found on the relevant UN Sanctions Committee webpage.
Financial institutions and other persons are required to check whether you maintain any accounts or otherwise hold funds or economic resources for, or provide financial services to, the designated individual. If so, you must freeze such accounts or other funds and, unless licensed by the Treasury, not deal with those funds or economic resources, and suspend the provision of any financial services. You must also report your findings to the FIU.
Failure to comply with financial and trade sanctions legislation or to attempting 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 person, you are not required to report these details again.
Further details of the sanctions regime related to Democratic People’s Republic of Korea and links to other financial sanctions regimes may be found on the Customs and Excise pages of the Isle of Man Government website.