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 2017/1836, Council Regulation (EU) No 2017/1858 and Council Implementing Regulation (EU) No 2017/1859.
The amending Regulations are available here:
The effect of the amendments in these regulations, which are automatically and immediately effective in the Bailiwick, is to reinforce the existing restrictive measures in place. This includes the introduction of a total ban on investment in the DPRK in all sectors, lowering of the amount of personal remittances that may be transferred to North Korea from € 15,000 to € 5,000, a total ban on the sale of refined petroleum products and crude oil to North Korea and new prohibitions with regard to the import of textiles from North Korea, the maritime sector and joint ventures.
The Implementing Regulation is available here:
The effect of the amendment in this regulation, which are automatically and immediately effective in the Bailiwick, is to add 3 individuals and 6 entities (the listed persons) to the list of persons subject to an asset freeze and other financial restrictions.
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 the listed persons or any other 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