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Advisory Warning No. 2 of 2017 - The Democratic People's Republic of Korea (Sanctions) (Overseas Territories) (Amendment) Order 2016 (5 April 2017)

ADVISORY WARNING

 

The Democratic People's Republic of Korea (Sanctions) (Overseas Territories) (Amendment) Order 2016

(U.K.S.I. 2016 No. 630)

 

The British Virgin Islands Financial Services Commission (the “FSC”) is advising the public that on 10th June 2016, The Democratic People's Republic of Korea (Sanctions) (Overseas Territories) (Amendment) Order 2016 (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 amends the Democratic People’s Republic of Korea (Sanctions) (Overseas Territories) Order 2012.

This Order gives effect in specified Overseas Territories to the additional sanctions against North Korea adopted by the United Nations Security Council in resolution 2270 (2016), which are reflected and implemented in Council Regulation (EC) 329/2007.

In particular the Order provides for the imposition of additional asset freezing measures against certain funds and economic resources of the Government of North Korea and the Korean Worker’s Party and makes provision for licences to be granted to enable the dealing of such funds and economic resources in specified circumstances.

The Order also provides for the imposition of additional financial sanctions measures on North Korean credit and financial institutions and UK credit and financial institutions. These include requirements to terminate financial relationships with North Korean credit and financial institutions, prevent new economic activity in North Korea and prohibit financial support for trade that could assist nuclear-related, other weapons of mass destructions-related, or ballistic missile-related programmes, or other activities prohibited by the Council Regulation.

The Order also gives effect to new sectoral prohibitions relating to the export of coal, minerals, iron ore, gold, other metals and an import ban on aviation fuel. It broadens the inspection regime in relation to cargo which may be carrying prohibited goods from or to North Korea and imposes prohibitions relating to the chartering of vessels and aircraft to North Korea and listed persons.

The United Nations Security Council Resolution 2270 (2016) may be viewed in its entirety at the following URL:

http://www.un.org/en/ga/search/view_doc.asp?symbol=S/RES/2270(2016)

The European Union in Council Regulation (EC) 329/2007 of 27th March, 2007 may be viewed in its entirety at the following URL:

http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2007:088:0001:0011:en:PDF    

The Democratic People's Republic of Korea (Sanctions) (Overseas Territories) (Amendment) Order 2016 may be viewed in its entirety at the following URL:

 http://www.legislation.gov.uk/uksi/2016/630/contents/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