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NORTH KOREA

Council Regulation (EU) 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 2017/993.

The Implementing Regulation is available here:

Commission Implementing Regulation (EU) 2017/993

The effect of the amendments, which are automatically and immediately effective in the Bailiwick, is to remove one individual and one entity from the list of persons and entities subject an asset freeze and other restrictive measures, and to update the information in respect of the remaining entries on the list.

MEASURES WHICH SHOULD BE TAKEN

All businesses must check whether they maintain any accounts or otherwise have any kind of relationship with any other 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 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 in respect of 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 the Ordinances referred to 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