Council Regulation (EU) No 2017/1509, as implemented in the Bailiwick by the North Korea (Restrictive Measures) (Guernsey) Ordinance, 2017, the North Korea (Restrictive Measures) (Alderney) Ordinance, 2017, and the North Korea (Restrictive Measures) (Sark) Ordinance, 2017, has been amended by Council Regulation (EU) No 2017/1548.
The amending Regulation is available here:
The effect of the amendments, which are automatically and immediately effective in the Bailiwick, is to reinforce the existing restrictive measures in place, including by the imposition of new prohibitions with regard to exports of seafood, lead and lead ore from North Korea, and the strengthening of existing measures with regard to transportation, trade in coal and iron and the creation of joint ventures with North Korean persons.
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 the Ordinances referred to above.
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