Here is the converted article in Markdown format: Korea, Democratic People’s Republic of: New Anti-Money Laundering Regulations Imposed

In a bid to crack down on illegal activities, the UK has updated its sanctions list, targeting individuals and entities involved in facilitating North Korea’s military programs. The new regulations aim to prevent the misuse of financial systems and ensure compliance with anti-money laundering measures.

Key Changes

The Ministry of National Defence (Group ID: 13575) has been added to the list, with its assets frozen. This means that any individual or entity maintaining accounts or holding funds for this entity must freeze them immediately. Additionally, dealing with these funds or making them available without a license from the Office of Financial Sanctions Implementation (OFSI) is prohibited.

What You Must Do

If you have dealings with the listed entities or individuals, you are required to:

• Check if you maintain accounts or hold funds for the designated persons and freeze such assets
• Refrain from dealing with these funds unless licensed by OFSI or exempted
• Close any representative office in the UK within 90 days of designation
• Report any findings to OFSI

Consequences of Non-Compliance

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

Additional Resources

For further information on the updated sanctions list, Consolidated List, and guidance on reporting suspected breaches, please visit:

• GOV.UK: Financial Sanctions Regime - Specific Consolidated Lists and Releases
• UN Sanctions Committee webpage
• UK Sanctions List

Enquiries

Non-media enquiries about financial sanctions implementation should be addressed to the Office of Financial Sanctions Implementation. Media inquiries can be directed to the Treasury Press Office or the Foreign, Commonwealth & Development Office.

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