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Korea, Democratic People’s Republic of: Regulatory Bodies for Financial Crime Take Action

Seoul, March 11, 2024 - Combating Financial Crime and Complying with International Sanctions

Regulatory bodies in Korea, Democratic People’s Republic of have taken action against entities involved in the country’s military programs to combat financial crime and comply with international sanctions.

Updates to the United Nations Security Council Sanctions List

The United Nations Security Council has updated its Democratic People’s Republic of Korea Sanctions List, deleting and adding entries to the list. The Ministry of the People’s Armed Forces (MPAF), which manages the general administrative and logistical needs of the Korean People’s Army, was among those affected by the changes.

Compliance Requirements for Financial Institutions

As a result, financial institutions and other persons are required to:

• Freeze accounts or funds held for designated individuals
• Report their findings to the Financial Intelligence Unit

Failure to comply with financial sanctions legislation can result in criminal charges.

Additional Resources

Further information on UN measures against Democratic People’s Republic of Korea can be found on the relevant UN Sanctions Committee webpage.

The Isle of Man Government website also provides further details on the sanctions regime related to Democratic People’s Republic of Korea and links to other financial sanctions regimes.

References

• United Nations Security Council
• Isle of Man Government