Financial Sanctions Enforcement Agencies Take Action Against NADA in North Korea

The United Nations Security Council has updated its sanctions list, targeting the National Aerospace Development Administration (NADA) in North Korea’s Democratic People’s Republic. This move aims to curb the country’s development of space science and technology.

Background

NADA, also known as NATA, is linked to North Korea’s satellite launches and carrier rockets, sparking concerns over its involvement in the country’s military programs. The UN sanctions list has now added NADA under its “KPe.029” designation.

Impact on Financial Institutions and Individuals

• All financial institutions are required to freeze any accounts or funds associated with designated entities, including NADA.
• Individuals who fail to comply with financial and trade sanctions legislation may face criminal charges.

Updates from Regulatory Bodies

• The Foreign, Commonwealth and Development Office has updated the Consolidated List, providing details of those designated under sanctions legislation.
• The UN Sanctions Committee webpage offers further information on the measures taken against North Korea.
• The Isle of Man Government website provides links to other financial sanctions regimes and details on the sanctions regime related to Democratic People’s Republic of Korea.

Compliance Requirements

• All relevant institutions and individuals are required to check whether they maintain any accounts or hold funds for designated entities, including NADA.
• Findings must be reported to the Financial Intelligence Unit. Failure to comply with regulations may result in severe consequences.

It is crucial for all financial institutions and individuals to stay updated on the latest sanctions list and take necessary actions to ensure compliance.