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Korea, Democratic People’s Republic of: Due Diligence in Finance

In a recent move aimed at strengthening financial sanctions against the Korean regime, the United Nations Security Council has updated its list of designated entities and individuals subject to asset freeze. The amendment comes into effect on March 7, 2024.

Changes to the Sanctions List

The revised list includes the Ministry of the People’s Armed Forces (MPAF), which has been removed from the sanctions list. The MPAF was listed for facilitating military programmes in North Korea. As a result, the entity will no longer be subject to an asset freeze.

Background on the Democratic People’s Republic of Korea Regime

The changes are a result of the Democratic People’s Republic of Korea Regime, implemented by the Sanctions and Anti-Money Laundering Act 2018. The regulations were made under the Democratic People’s Republic of Korea (Sanctions) (EU Exit) Regulations 2019 and provide for the freezing of funds and economic resources of individuals, entities, or bodies involved in North Korea’s military programmes.

Financial Due Diligence Requirements

Financial institutions and other persons are required to conduct due diligence on their accounts and financial transactions to identify any links with designated individuals. Failure to comply with financial sanctions legislation can result in criminal penalties.

International Efforts to Combat Money Laundering and Terrorist Financing

The update is part of the international community’s efforts to combat money laundering and terrorist financing, as well as to restrict North Korea’s access to funds that could support its military programmes.

Additional Resources

For more information on the revised list and the sanctions regime related to Democratic People’s Republic of Korea, please visit the Customs and Excise pages of the Isle of Man Government website or consult with the relevant authorities.