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Financial Sanctions Take Effect in North Korea, Impacting Economy and Individuals

Overview

The UK Sanctions List has been updated by the Foreign, Commonwealth and Development Office to include financial sanctions aimed at curtailing North Korea’s military programs. These sanctions are effective as of April 16, 2024.

Key Updates

• The National Aerospace Technology Administration (NATA) has been amended and remains under an asset freeze.
• Individuals and organizations are required to check if they hold any accounts or funds for designated persons and freeze these assets unless licensed by the Office of Financial Sanctions Implementation (OFSI).

What You Need to Do

Compliance Requirements

• Check your records for accounts, funds, or economic resources held for designated individuals and entities, including NATA.
• Freeze these assets immediately and refrain from dealing with them without a license from OFSI.
• Refrain from participating in business arrangements with designated persons or acting on their behalf.
• Close any representative office in the UK within 90 days if you are an entity subject to sanctions.

Consequences of Non-Compliance

Failure to comply with financial sanctions legislation or attempting to circumvent its provisions may be a criminal offense.

Additional Resources

For more information, visit the GOV.UK website’s Democratic People’s Republic of Korea financial sanctions page. The UN Consolidated List and relevant guidance can also be accessed through the provided links.

Contact Information

Non-Media Enquiries

For non-media enquiries about the implementation of financial sanctions in the UK, please contact OFSI at ofsi@hmtreasury.gov.uk.

Media Inquiries

Media inquiries can be made through:

• The Treasury Press Office (020 7270 5238)
• The Foreign, Commonwealth & Development Office Press Office (020 7008 3100)