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Korea, Democratic People’s Republic Of Sanctions: Types Revealed

In a recent update, the United Nations Security Council has released new information regarding financial sanctions imposed on entities and individuals involved in North Korea’s military programs. The amendments were made to the Democratic People’s Republic of Korea (Sanctions) (EU Exit) Regulations 2019, which aim to freeze funds and economic resources of those who facilitate the country’s military activities.

Entities Subject to Asset Freeze

According to the UN Security Council Press Release, one entity has been amended and is still subject to an asset freeze:

• National Aerospace Technology Administration (NADA or NATA): involved in North Korea’s development of space science and technology, including satellite launches and carrier rockets. The entity was listed on March 5, 2016, and its last update was on December 31, 2020.

Compliance Requirements

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

• Check whether they maintain accounts or hold funds for designated individuals.
• Freeze those accounts and not deal with the frozen funds or economic resources unless licensed by the Treasury.
• Report their findings to the Financial Intelligence Unit (FIU) and comply with financial and trade sanctions legislation to avoid any legal consequences.

Additional Resources

The Foreign, Commonwealth and Development Office has updated the Consolidated List, which provides details of those designated under sanctions legislation. The UN Sanctions Committee webpage offers further information on measures taken against North Korea, while the Isle of Man Government’s Customs and Excise pages provide details of the sanctions regime related to North Korea and links to other financial sanctions regimes.

Remember to always stay informed about changes in financial sanctions regulations to avoid any legal consequences.