Regulatory Bodies for Financial Crime Control in Democratic People’s Republic of Korea
The United Kingdom has imposed stringent regulations on financial sanctions against the Democratic People’s Republic of Korea (DPRK), aimed at curbing its military programs and preventing the spread of nuclear weapons. The regulatory bodies responsible for enforcing these sanctions are the Office of Financial Sanctions Implementation (OFSI) and the Foreign, Commonwealth and Development Office (FCDO).
Key Developments
Updates to the UK Sanctions List
On November 11, 2022, the FCDO updated the UK Sanctions List on GOV.UK, which provides details of those designated under regulations made under the Sanctions Act. The list includes individuals and entities involved in the facilitation of DPRK’s military programs.
Designated Individual
- Kim SOK CHOL (Group ID: 13421) has been amended on the Consolidated List, which is subject to an asset freeze.
Regulatory Requirements
Institutions and individuals are required to:
- Check if they maintain any accounts or hold funds for designated persons
- Freeze such accounts and funds
- Refrain from dealing with frozen assets or making them available to designated persons unless licensed by OFSI
- Report findings to OFSI, including additional information that facilitates compliance
Failure to Comply
Failure to comply with financial sanctions legislation is a criminal offense.
Further Information
For recent notices, UK legislation, and relevant guidance, visit the Democratic People’s Republic of Korea financial sanctions page on GOV.UK.
The UN measures in respect of DPRK can be found on the relevant UN Sanctions Committee webpage.
Contact Information
Non-Media Enquiries
Non-media enquiries about implementing financial sanctions in the UK should be addressed to OFSI at HM Treasury (ofsi@hmtreasury.gov.uk).
Media Enquiries
Media enquiries about how financial sanctions are implemented in the UK should be directed to the Treasury Press Office (020 7270 5238).