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The Democratic People's Republic of Korea (Sanctions) (Overseas Territories) (Amendment) Order 2013 - Advisory Warning No. 15 of 2014 (13 August 2014)

Advisory Warning No. 15 of 2014

13 August, 2014

ADVISORY WARNING

 

The Democratic People's Republic of Korea (Sanctions) (Overseas Territories) (Amendment) Order 2013

(U.K.S.I. 2013 No. 1718)

 

Tortola, British Virgin Islands – 13 August 2014 The British Virgin Islands Financial Services Commission (the “FSC”) is advising the public that on 10th July 2013, The Democratic People's Republic of Korea (Sanctions) (Overseas Territories) (Amendment) Order 2013 (the “Order”) was ratified and extended to the Territory.

NOTICE IS HEREBY GIVEN that this Order has been extended to the Territory by virtue of Schedule 1 to the Democratic People's Republic of Korea (Sanctions) (Overseas Territories) Order 2012 (the “Principal Order”).

AND NOTICE IS FURTHER GIVEN that this Order gives effect in specified Overseas Territories to the additional sanctions against North Korea adopted by the United Nations Security Council in resolution 2094 (2013), which are reflected and implemented in EU Council Decision 2013/183/CFSP and Council Regulation (EU) 296/2013. The Council Decision prohibits banks and financial institutions established in North Korea from opening branches, acquiring a joint venture, establishing correspondent banking relationships, or maintaining correspondent banking relationships in certain circumstances. This Order amends the Democratic People’s Republic of Korea (Sanctions) (Overseas Territories) Order 2012.

This Order also implements prohibitions introduced by the European Union in Council Decision 2013/153/CFSP on the sale or purchase of gold, precious metals or diamonds; the sale or purchase of North Korean bonds, and the movement of North Korean bank notes.

The United Nations Security Council Resolution 2094 (2013) may be viewed in its entirety at the following URL:

http://www.un.org/en/ga/search/view_doc.asp?symbol=S/RES/2094%282013%29

The European Union in Council Decision 2013/183 CFSP of 26th April, 2010 may be viewed in its entirety at the following URL:

http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2013:111:0052:0074:EN:PDF   

The Democratic People's Republic of Korea (Sanctions) (Overseas Territories) (Amendment) Order 2013 may be viewed in its entirety at the following URL:

http://www.legislation.gov.uk/uksi/2013/1718/made

 

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Contact Information

British Virgin Islands Financial Services Commission


Pasea Estate
P.O. Box 418
Road Town, Tortola, VG 1110
British Virgin Islands

Tel: 284-494-1324 or 284-494-4190 GMT – 4:00
Fax: 284-494-5016
Hours: Monday-Friday 8:30a.m. - 4:30p.m.
commissioner@bvifsc.vg