In response to developments in relation to North Korea, most recently North Korea’s firing of a missile across Japanese airspace, the EU has enacted Council Regulation (EU) 2017/1509. The Regulation consolidates existing restrictive measures by repealing and replacing previous Regulations concerning North Korea that have been enacted since 2007. These measures include targeted financial sanctions, restrictions on the transfer of funds, export and import restrictions, and restrictions on commercial activity and transport.
In order to reflect the changes at EU level, the North Korea (Restrictive Measures) (Guernsey) Ordinance, 2017 has been enacted. It gives effect to the EU Regulation and repeals and replaces the North Korea (Restrictive Measures) (Guernsey) Ordinance, 2007 that gave effect to previous EU restrictive measures in place concerning North Korea.
The EU regulation is available here: Council Regulation (EU) 2017/1509
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. In particular they must check whether they maintain any accounts or otherwise hold any funds or economic resources for any of the individuals designated under the EU Regulation, and must treat any such accounts, funds or economic resources as frozen with immediate effect if this is not already the case. They must report any findings to the Policy Council immediately. Businesses must also refrain from making any funds or economic resources available directly or indirectly to any listed person, unless this is in connection with a transaction that comes within a permitted derogation and has been authorised by the Policy Council.
The information referred to above is required by the Policy & Resources Committee in the exercise of its powers under the Schedule to the Ordinance.
Any information or queries should be sent to [email protected] 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 http://www.gov.gg/sanctions