UN Security Council Updates Sanctions List, Freezing Funds of Key Aerospace Entity

The United Nations Security Council has taken a significant step in tightening financial restrictions on North Korea’s military programs by updating its sanctions list. The amendment, made public on Tuesday, April 16, 2024, freezes funds and economic resources of key entities involved in the country’s development of space science and technology.

Designated Entity Subject to Asset Freeze

The National Aerospace Technology Administration (NADA) and its aliases have been listed as a designated entity subject to an asset freeze by the UN Security Council. NADA is accused of being involved in North Korea’s development of space science and technology, including satellite launches and carrier rockets.

Requirements for Financial Institutions and Individuals

Under the updated sanctions list, financial institutions and other persons are required to:

• Check whether they maintain any accounts or hold funds for, or provide financial services to, designated individuals
• Freeze such accounts or funds if found
• Refrain from dealing with them unless licensed by the Treasury

Consequences of Non-Compliance

Failure to comply with the sanctions legislation or attempting to circumvent its provisions is a criminal offense.

Background and Context

The move comes amid ongoing efforts to restrict North Korea’s access to international finance and limit its ability to fund its military programs. The UN Security Council has imposed several rounds of sanctions on North Korea since 2006, citing concerns over its nuclear and missile programs.

Further Information

For further information on the updated sanctions list, please visit the UN Security Council’s website. Details on the UK’s sanctions regime related to Democratic People’s Republic of Korea are available on the Isle of Man Government’s Customs and Excise pages.