Financial Sanctions Notice Democratic People's Republic of Korea 11 March 2024

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Introduction 

1. On 7 March 2024, the United Nations Security Council (UNSC) Committee established pursuant to resolution 1718 (2006) concerning Democratic People's Republic of Korea approved the amendment of 1 entry to its Sanctions List of individuals and entities subject to an asset freeze.

2. In accordance with the Sanctions and Asset-Freezing (Jersey) Law 2019 (“SAFL") and the Sanctions and Asset-Freezing (Implementation of External Sanctions) (Jersey) Order 2021 (the “Sanctions Order"), any amendments to/or new asset-freeze designations made by the UNSC 1718 (2006) (Democratic People's Republic of Korea) Sanctions Committee have immediate effect in Jersey.    

Notice summary

3. Find full details in the Annex to this notice.

4. The following designation has been amended and remains subject to an asset freeze:

• MINISTRY OF NATIONAL DEFENCE
  

What you must do  

5. You must:  

• immediately check whether you maintain any accounts or hold any funds or economic resources for the persons set out in the Annex to this Notice.

• freeze such accounts, and other funds or economic resources without prior notice and without delay.

• refrain from dealing with the funds or assets or making them available (directly or indirectly) to such persons unless licensed by the Minister for External Relations (“MER").

• report any findings to MER, together with any additional information that would facilitate compliance with SAFL.

• 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.

6. 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.

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

Further Information

8. Find guidance on unfreezing assets for delisted persons or entities.

9. Find more information on sanctions or sanctions on Jersey Financial Services Commission (JFSC).
10. Jersey guidance the Democratic People's Republic of Korea sanctions regime is available on sanctions by country and category on JFSC.

11. A copy of the UK Regulations can be obtained from legislation.gov.uk. Other relevant information about this regime can be found on financial sanctions targets by regime on GOV.UK.

12. The UK Sanctions List on GOV.UK

13. The UK Office of Financial Sanctions Implementation Consolidated List on GOV.UK

Enquiries 

14. Non-media enquiries, sanctions compliance reporting, and licence applications should be emailed to the Financial Sanctions Implementation Unit at sanctions@gov.je.

Annex

15. Annex to Financial Sanctions Notice Democratic People's Republic of Korea 11 March 2024.​

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