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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 Council Regulation (EU) 2017/330. They extend existing restrictions in a number of ways, including by limiting North Korean diplomats to only one bank account in the EU, and requiring Member States to take further measures to prevent specialised nuclear or missile-related teaching being provided to North Koreans. They also impose new restrictions including a ban on imports of statues, various metals and coal from North Korea, together with a ban on exporting new helicopters and vessels to North Korea. These measures are underpinned by prohibitions on providing related financial support.

 

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