This news release is issued to publicise the amendment of 1 entry under the Democratic People’s Republic of Korea Regime.
The Democratic People’s Republic of Korea (Sanctions) (EU Exit) Regulations 2019 (S.I. 2019/411) were made under the Sanctions and Anti-Money Laundering Act 2018 (the Sanctions Act) and provide for the freezing of funds and economic resources of certain persons, entities or bodies involved in the facilitation of any of the Democratic People’s Republic of Korea’s military programmes. The Democratic People’s Republic of Korea (Sanctions) (EU Exit) Regulations 2019 have effect in the Isle of Man by the Democratic People’s Republic of Korea Sanctions (Application) Regulations 2020 [S.D. 2020/0502].
On 16 April 2024 the United Nations Security Council updated the Democratic People’s Republic of Korea Sanctions List.
Amendments
Deleted information appears in [square brackets]. Additional information appears in italics.
The following entry has been amended and is still subject to an asset freeze:
Entity
- [NATIONAL AEROSPACE DEVELOPMENT ADMINISTRATION] NATIONAL AEROSPACE TECHNOLOGY ADMINSTRATION
a.k.a: (1) NADA (2) NATA (3) NATIONAL AEROSPACE DEVELOPMENT ADMINISTRATION Address: North Korea. Other Information: (UK Sanctions List Ref): DPR0180. (UN Ref): KPe.029. [NADA] NATA is involved in the DPRK’s development of space science and technology, including satellite launches and carrier rockets. Listed on: 05/03/2016 UK Sanctions List Date Designated: 02/03/2016 Last Updated: [31/12/2020] 16/04/2024 Group ID: 13343
Further information on the amended entries can be found on the United Nations Security Council Press Release.
What you must do
Financial institutions and other persons are required to check whether you maintain any accounts or otherwise hold funds or economic resources for, or provide financial services to, designated individuals. If so, you must freeze such accounts or other funds and, unless licensed by the Treasury, not deal with those funds or economic resources, make those funds or economic resources available to a designated person, or make those funds or economic resources available for the benefit of a designated person. You must also report your findings to the FIU.
Failure to comply with financial and trade sanctions legislation or to attempting to circumvent its provisions is a criminal offence.
Where a relevant institution has already reported details of accounts, other funds or economic resources held frozen for the designated person, you are not required to report these details again.
Further Information
Consequently the Foreign, Commonwealth and Development Office updated the Consolidated List. This list provides details of those designated under sanctions legislation.
Further details on the UN measures in respect of Democratic People’s Republic of Korea can be found on the relevant UN Sanctions Committee webpage.
Further details of the sanctions regime related to Democratic People’s Republic of Korea and links to other financial sanctions regimes may be found on the Customs and Excise pages of the Isle of Man Government website.
