UK Imposes New Financial Sanctions on Democratic People’s Republic of Korea

April 16, 2024 - London

The United Kingdom has updated its sanctions list to include new entities and individuals linked to the Democratic People’s Republic of Korea (DPRK). The latest update targets organizations involved in the country’s military programs, with a focus on NATIONAL AEROSPACE TECHNOLOGY ADMINISTRATION (NATA).

Escalation of Efforts to Curb Nuclear Ambitions

The NATA is accused of developing space science and technology, including satellite launches and carrier rockets. This marks a significant escalation in the UK’s efforts to curb the DPRK’s nuclear ambitions. The sanctions aim to punish those involved in the country’s military programs and restrict its access to international finance.

Key Provisions of the Sanctions

• Individuals and businesses are required to freeze assets and refrain from dealing with those listed on the UK Sanctions List.
• The Office of Financial Sanctions Implementation (OFSI) will monitor compliance and investigate potential breaches.

International Cooperation on North Korea Sanctions

The UK is one of several countries that have imposed financial sanctions on the DPRK in response to its nuclear program. The UN has also imposed significant restrictions on the country, including trade and financial sanctions. The latest update is part of a broader effort to strengthen international cooperation on North Korea sanctions.

Compliance and Reporting Requirements

Those affected by the sanctions are required to report any findings to OFSI, along with relevant information and details. Failure to comply with UK financial sanctions legislation can result in criminal prosecution.

Resources for More Information

For more information on the UK’s financial sanctions regime, please visit the GOV.UK website.