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NORTH KOREA

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 2016/569.

The Implementing Regulation is available here: Commission Implementing Regulation 2016/569.

The amendment relates to 4 vessels that were previously within the scope of the sanctions in place against North Korea, on the basis that they were controlled or operated by a sanctioned entity, namely the Ocean Maritime Management Company. The effect of the amendment is to remove the vessels from the sanctions regime following a determination by the UN that they are not connected to the sanctioned entity.

 

MEASURES WHICH SHOULD BE TAKEN

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 sanctions@gov.gg 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 https://gov.gg/sanctions