Updated: Updated with 'latest HM Treasury Notice 08/11/2018, North Korea (Democratic People’s Republic of Korea) (Reg 2018/1654)'.Sanctions
The DPRK is subject to financial sanctions imposed by the United Nations (UN) and European Union (EU). All relevant regulations are listed below.Implementation date
In 2006, the United Nations introduced Resolution 1718 (2006) and imposed asset freezes because of the DPRK’s missile programmes. On 27 March 2007, the EU transposed this UN Resolution into EU law.
In 2017, the EU introduced Council Regulation 2017/1509 to bring all existing UN and EU regulations together.
This page contains information on financial sanctions. You can also visit the Export Control Joint Unit’s web pages on GOV.UK for more information about importing and exporting goods to and from the DPRK.Context
DPRK is subject to counter-proliferation measures. These are imposed to prevent persons, entities and bodies from obtaining goods, funds and services which could contribute to the DPRK’s nuclear, ballistic missile and related programmes.
Additional restrictive measures were imposed in 2016 and 2017 because of continued DPRK missile-testing. Some sanctions targets listed under the DPRK regime are known to use ‘shell’ or ‘front’ companies to disguise the ultimate destination of goods, funds and services.
You need to ensure you’re not working with those subject to sanctions through these companies.Restrictions
This regime also includes sectoral financial sanctions. Therefore, you must not undertake the following for a designated person:open a bank account establish a new correspondent banking relationship establish a new joint venture
Also, you must not take an ownership interest in:a credit or financial institution in the DPRK a company owned by a designated person, body, or entity.
Additionally, there are restrictions on:the sale or purchase of bonds DPRK credit and financial institutions (branches, subsidiaries and representative offices) the severance of existing financial relationships financial support for trade investment and commercial activities bank accounts for DPRK diplomats and diplomatic missions leasing or, otherwise making available, real property.
OFSI can authorise some transactions under legal grounds which are set out in the relevant regulations for this regime. Please review these before contacting OFSI.
Given the complexities and risks involved in operating in this country, OFSI recommends you discuss any proposed activities in DPRK with relevant financial and other institution(s) beforehand. OFSI also recommends that you seek independent legal advice for such activities.UN regulations
The UN adopted Resolution 1718 (2006), condemning DPRK’s nuclear test on 9 October 2006 and requiring all UN member states to apply restrictive measures against the DPRK.
Further resolutions have been imposed on the DPRK to extend these restrictive measures. These are available online.EU regulations
You can view the Council Regulation 2017/1509 on restrictive measures against North Korea online.
You can find the most recent amendments to the Regulation by searching on EUR-Lex – an online database that provides free access to EU law, international agreements and other public documents. Just:enter the Regulation number into the search bar open the relevant page click ‘document information’. UK regulations
Local copy of northkorea.pdf
Local copy of Notice_DPRK_2018_1654.pdf
Local copy of 2018.1606_DPRK.pdf
Local copy of 2018_DPRK_wd.pdf
Local copy of Notice_DPRK_2018_1231.pdf seen at 16:34, 8 November in Publications on GOV.UK.
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