United Nations Updates Sanctions List Against North Korea

Strengthening Anti-Terrorism Financing Regulations

SEOUL, DEMOCRATIC PEOPLE’S REPUBLIC OF KOREA - The United Nations Security Council has updated its sanctions list against North Korea, aimed at strengthening anti-terrorism financing regulations in the country.

Changes to the Sanctions List

The National Aerospace Development Administration (NADA) has been removed from the list of entities subject to an asset freeze. NADA was previously accused of being involved in North Korea’s development of space science and technology, including satellite launches and carrier rockets.

Effect of the Update

The update comes into effect on April 16, 2024. Financial institutions and other persons are required to:

• Check whether they maintain any accounts or hold funds for NADA.
• Freeze such accounts if found.
• Refrain from dealing with NADA’s assets without a license from the Treasury.

Consequences of Non-Compliance

Failure to comply with financial and trade sanctions legislation or attempting to circumvent its provisions is a criminal offence. The Foreign, Commonwealth and Development Office has also updated the Consolidated List of designated individuals and entities under sanctions legislation.

International Efforts

The update is seen as part of efforts by the international community to:

• Prevent the proliferation of weapons of mass destruction.
• Promote peace and stability in the region.

By strengthening anti-terrorism financing regulations, the United Nations aims to disrupt North Korea’s ability to finance its illicit activities and promote a more stable and secure global environment.