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North Korea’s Financial Crime Prevention Measures in Spotlight

In a bid to prevent financial crimes, the Democratic People’s Republic of Korea has implemented several measures aimed at preventing and combating money laundering and terrorist financing.

Updated Measures

The measures, which were updated on March 11, 2024, include the freezing of funds and economic resources belonging to individuals and entities involved in North Korea’s military programs. The move is part of efforts to prevent the proliferation of weapons of mass destruction and to comply with United Nations sanctions.

Designated Entity

According to a notice issued by the UK Government, the following entity has been amended and remains subject to an asset freeze:

• Ministry of National Defence (Group ID: 13575)

Requirements for Individuals and Entities

As a result, individuals and entities are required to:

• Check whether they maintain any accounts or hold any funds or economic resources for the designated persons set out in the annex to this notice.
• Refrain from dealing with these funds or making them available directly or indirectly to or for the benefit of the designated persons.

Consequences of Non-Compliance

Failure to comply with these measures may result in criminal prosecution and fines. The UK Government has also warned that information received by the Office of Financial Sanctions Implementation (OFSI) may be disclosed to third parties in accordance with applicable data protection laws.

Additional Information

For more information on financial sanctions, individuals can:

• Visit the GOV.UK website
• Contact the Office of Financial Sanctions Implementation at ofsi@hmtreasury.gov.uk

Resources

• UN Consolidated List: https://www.un.org/securitycouncil/content/list-updates-unsc-consolidated-list
• UK Sanctions List: https://www.gov.uk/publications/the-uk-sanctions-list

Enquiries

Non-media enquiries about the implementation of financial sanctions in the UK should be addressed to: ofsi@hmtreasury.gov.uk

Non-media enquiries about the sanctions measures themselves should be addressed to: fcdo.correspondence@fcdo.gov.uk

Media enquiries about how financial sanctions are implemented in the UK should be addressed to: Treasury Press Office, 020 7270 5238

Media enquiries about the sanctions measures themselves should be addressed to: Foreign, Commonwealth & Development Office Press Office, 020 7008 3100