Skip to main content Skip to accessibility
This website is not compatible with your web browser. You should install a newer browser. If you live in Jersey and need help upgrading call the States of Jersey web team on 440099.
Government of Jerseygov.je

Information and public services for the Island of Jersey

L'înformâtion et les sèrvices publyis pouor I'Île dé Jèrri

Financial Sanctions Notice Democratic People's Republic Korea 4 June 2020

Published byExternal Relations
TypeSanctions
Date published
04 June 2020

Introduction

1. Council Regulation (EU) 2017/1509 (“the Regulation”) concerning restrictive measures against the Democratic People’s Republic of Korea (North Korea) has been amended.

Notice summary (Full details are provided in the Annex to this Notice)

2. The following entry has been amended and is still subject to an asset freeze:

  • YUK TUNG ENERGY PTE LTD

What you must do

3. You must:

  • check whether you maintain any accounts or hold any funds or economic resources for the person set out in the Annex to this Notice
  • freeze such accounts, and other funds or economic resources
  • refrain from dealing with the funds or assets or making them available (directly or indirectly) to such person unless licensed by the Minister for External Relations (“MER”)
  • report any findings to MER, together with any additional information that would facilitate compliance with the Regulation
  • provide any information concerning the frozen assets of designated persons that MER may request. Information reported to MER may be passed on to other regulatory authorities or law enforcement

4. Where a relevant institution has already reported details of accounts, other funds or economic resources held frozen for designated persons, they are not required to report these details again.

5. Failure to comply with financial sanctions legislation or to seek to circumvent its provisions is a criminal offence.

Legislative details

6. The Regulation is implemented in Jersey by the EU Legislation (Sanctions – North Korea) (Jersey) Order 2017 (“the North Korea Order”).

7. On 3 June 2020 Council Implementing Regulation (EU) 2020/730 (“the Amending Regulation”) was published in the Official Journal of the European by the Council of the European Union.

8. The Amending Regulation amended Annex XIII to the Regulation with effect from 3 June 2020. Any changes to the Annex are effective immediately in Jersey by virtue of the ambulatory provisions of the Central African Republic Order.

9. The Amending Regulation reflects the decision made on 11 May 2020 by the United Nations Security Council (UNSC) Committee established pursuant to Resolution 1718 (2006) to amend 1 entry on its sanctions list.

10. In accordance with the North Korea Order, implemented under the Sanctions and Asset-Freezing (Jersey) Law 2019, Jersey enacted this decision on 11 May 2020.

Further Information

11. A copy of the Amending Regulation can be obtained from the website of the Official Journal of the European Union.

12. Copies of Jersey sanctions Orders and other legislation, including the North Korea Order, can be found on the Jersey Legal Information Board website.

13. Copies of recent Notices, certain EU Regulations, UNSC Resolutions and Jersey legislation can be obtained from the North Korea financial sanctions page on the Jersey Financial Services Commission (JFSC) website.

14. Further details on the UN measures in respect of North Korea can be found on the relevant UN Sanctions Committee webpage.

15. Please note there are also import and export restrictions on North Korea.

16. It should be noted that the Annex to this Notice may include certain background information provided by the UN Sanctions Committee that is not included in Annex XIII to the Regulation.

17. For more information please see the Jersey Financial Services Commission guidance on financial sanctions.

Enquiries

18. Non-media enquiries, reports and licence applications should be addressed to:

Head of International Compliance

Office of the Chief Executive

External Relations

sanctions@gov.je

ANNEX TO NOTICE

FINANCIAL SANCTIONS: NORTH KOREA

COUNCIL IMPLEMENTING REGULATION (EU) 2020/730

AMENDING ANNEX XIII TO COUNCIL REGULATION (EU) 2017/1509

AMENDMENT

Entity

1. YUK TUNG ENERGY PTE LTD

Address: 80 Raffles Place, #17-22 UOB Plaza, Singapore, 048624, Singapore Other information: Ship manager and commercial manager of the YUK TUNG, which conducted ship-to-ship transfer of refined petroleum product. Listed on: 30.3.2018 Last updated: 3 June 2020

Ministry of External Relations

4 June 2020

Financial Sanctions Notice Democratic People's Republic Korea 4 June 2020
Back to top
rating button