Pyongyang, North Korea

Korea United Development Bank operates in the financial services industry of the DPRK economy. SWIFT/BIC: KUDBKPPY

2016-11-30

UK

The Democratic People's Republic of Korea (Sanctions) (EU Exit) Regulations 2019

UN, UK country specific

Democratic People's Republic of Korea

Asset freeze and making available provisions, Trade sanctions, Travel bans, Transport sanctions

• The Regulations impose financial sanctions through a targeted asset freeze on designated persons and prohibitions on making funds or economic resources available. This involves the freezing of funds and economic resources (non-monetary assets, such as property or vehicles) of designated persons and ensuring that funds and economic resources are not made available to or for the benefit of designated persons, either directly or indirectly. • The effect of the Regulations is to impose a travel ban on persons who are designated by the Secretary of State for the purposes of being made subject to immigration sanctions under the Sanctions Act. • Trade sanctions. • Transport sanctions.

The Democratic People’s Republic of Korea (Sanctions) (EU Exit) Regulations 2019 came fully into force on 31 December 2020. They are intended to ensure that certain sanctions measures relating to the Democratic People’s Republic of Korea continue to operate effectively. You should also review the Sanctions (EU Exit)(Miscellaneous Amendments) Regulations 2019, the Sanctions (EU Exit) (Miscellaneous Amendments) Regulations 2020 and the Sanctions (EU Exit) (Miscellaneous Amendments) (No. 3) Regulations 2020 to find out any amendments made to the Regulations. This sanctions regime gives effect to the UK’s obligations under United Nations Security Council Resolutions 1718 (2006), 1874 (2009), 2087 (2013), 2094 (2013), 2270 (2016), 2321 (2016), 2356 (2017), 2371 (2017), 2375 (2017), and 2397 (2017). It aims to restrict the ability of the DPRK to carry on banned programmes, promoting the abandonment by the DPRK of banned programmes and the decommissioning of the DPRK’s banned weapons. It also aims to promote peace, security and stability on the Korean peninsula. These regulations have replaced, with substantially the same effect, relevant existing EU legislation and related UK regulations.

Licencing, exception and direction provisions are contained in Part 9 of the Regulations.