KOREAN DEMOCRATIC PEOPLE’S REPUBLIC FINANCIAL SANCTIONS UPDATE
Update on Sanctions List by UK Government
The UK Government has updated its sanctions list on the Democratic People’s Republic of Korea (DPRK) on April 16, 2024. This update includes significant changes to the National Aerospace Technology Administration (NATA), a key entity involved in the DPRK’s military programs.
Key Points
- The UK Sanctions List now includes NATA as a designated entity, subject to an asset freeze.
- Financial institutions and individuals are required to check if they maintain any accounts or hold funds or economic resources for NATA or entities owned or controlled by it.
- If a match is found, the account must be frozen, and no further dealings should be made with the funds or economic resources unless licensed by the Office of Financial Sanctions Implementation (OFSI) or an exception applies.
Compliance Requirements
- All financial institutions are required to report any findings to OFSI, including the information or matter on which the knowledge or suspicion is based.
- Failure to comply with UK financial sanctions legislation or attempting to circumvent its provisions may be a criminal offense.
Resources
- For more information on the updated sanctions list and compliance requirements, please visit the GOV.UK website: https://www.gov.uk/government/collections/financial-sanctions-regime-specific-consolidated-lists-and-releases
- The UN Consolidated List can be found here: https://www.un.org/securitycouncil/content/list-updates-unsc-consolidated-list
Contact
Non-media enquiries about the implementation of financial sanctions in the UK should be addressed to:
Office of Financial Sanctions Implementation
HM Treasury
1 Horse Guards Road
London SW1A 2HQ
Non-media enquiries about the sanctions measures themselves should be addressed to: