Search site

main
GFIU Header Image 1

CHANGES TO NORTH KOREA SANCTIONS

The EU has expanded on the sanctions regime imposed by 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. These amendments are automatically and immediately effective in the Bailiwick.

 The new measures are set out in Regulation 2016/1333 and include additions to the list of goods subject to prohibitions on transfer and procurement, as well as to the provision of related technical services. The restrictions on access to ports now also extend to all North Korea flagged vessels.

 

MEASURES WHICH SHOULD BE TAKEN

All businesses must familiarise themselves with the legislation and check whether they have any kind of relationship that may relate to prohibited activity. Businesses must report any findings to the Policy and Resources Committee 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 and Resources Committee.

The information referred to above is required by the Policy and Resources Committee 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