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North Korea March 2016

Council Regulation (EC) No 329/2007, as implemented in the Bailiwick by the North Korea (Restrictive Measures)(Guernsey) Ordinance, 2007, the North Korea (Restrictive Measures)(Alderney) Ordinance, 2007, and the North Korea (Restrictive Measures)(Sark) Ordinance, 2007, has been amended by Commission Implementing Regulation (EU) No 2016/315.

The Implementing Regulation is available here:      Commission Implementing Regulation (EU) 2016/315

It amends the list of persons subject to an asset freeze and related financial prohibitions. The effect of the amendments, which are automatically effective in the Bailiwick, is to add 16 individuals and 12 entities to the list, and also to update the information relating to the existing listings for 1 individual and 2 entities. 


All businesses must check whether they maintain any accounts or otherwise have any kind of relationship with any natural or legal person, entity or body designated under the legislation and treat any accounts, funds or economic resources belonging to, owned, held or controlled by a designated person, entity or body as frozen with immediate effect if this is not already the case. Businesses must report any findings to the Policy Council immediately. Businesses must also refrain from making any funds or economic resources available directly or indirectly to or for the benefit of any designated person, entity or body other than transactions that come within a permitted derogation and have been authorised by the Policy Council.

The information referred to above is required by the Policy Council in the exercise of its powers under the Schedule to each of the Ordinances listed above.

Any information or queries should be sent to with the subject line "North Korea".

Further information on the effect of asset freezes and related issues including licences is available on the States of Guernsey website at