The EU has expanded on the sanctions regime imposed by Council Regulation (EC) No 329/2007, as implemented in the Bailiwick by the North Korea (Restrictive Measures) (Guernsey) Ordinance, 2007, the North Korea (Restrictive Measures) (Alderney) Ordinance, 2007, and the North Korea (Restrictive Measures) (Sark) Ordinance, 2007. These amendments are automatically and immediately effective in the Bailiwick.
Amendments made by Commission Implementing Regulation (EU) 2017/661 add four individuals (the listed persons) to the list of persons subject to an asset freeze and other restrictions.
Amendments made by Council Regulation (EU) 2017/658 introduce new prohibitions on services linked to mining and manufacture in the chemical, mining and refining industry and on computer and related services. The amendments also extend existing restrictions on investment to the conventional arms, metallurgy and aerospace sectors.
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 for any other designated person, entity or body other than in respect of 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 each of the Ordinances listed 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