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Advisory Warning No. 3 of 2017 - The Democratic People's Republic of Korea (Sanctions) (Overseas Territories) (Amendment) (No. 2) Order 2016 (5 April 2017)

ADVISORY WARNING

 The Democratic People's Republic of Korea (Sanctions) (Overseas Territories) (Amendment) (No. 2) Order 2016

                                                      (U.K.S.I. 2016 No. 769)

The British Virgin Islands Financial Services Commission (the “FSC”) is advising the public that on 10th August 2016, The Democratic People's Republic of Korea (Sanctions) (Overseas Territories) (Amendment) (No. 2) 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 (S.I. 2012/3066), as amended.

This Order reflects and gives appropriate effect in specified Overseas Territories to additional sanctions measures adopted by the European Union in Council Decision (CFSP) 2016/849 and Council Regulation (EC) No 329/2007, most recently amended by Council Regulation (EU) 2016/841 of 27th May 2016.  That Council Decision and Council Regulation (EU) 2016/841 also

make  minor changes  to  the  implementation  by  the  European  Union  of  the  sanctions  recently adopted by the United Nations Security Council  in  resolution 2270 (2016). These UN sanctions were given effect in specified Overseas Territories in the Democratic People’s Republic of Korea (Sanctions) (Overseas Territories) (Amendment) Order 2016 (S.I. 2016/630) and this Order gives effect to those minor changes.  

In particular this Order provides for the imposition of additional financial sanctions measures, including those related to investment in commercial activity or joint ventures with, and financing and provision of investment services to, certain North Korean persons. It also prevents certain transactions with North Korean persons and transfers of funds to and from North Korea.

This Order also gives effect to a new sectoral prohibition relating to obtaining petroleum products.

The European Union in Council Decision (CFSP) 2016/849 may be viewed in its entirety at the following URL:

http://eur-lex.europa.eu/eli/dec/2016/849/oj

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 European Union in Council Regulation (EU) 2016/841 of 27th May, 2016 may be viewed in its entirety at the following URL:

http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32016R0841

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 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

The Democratic People's Republic of Korea (Sanctions) (Overseas Territories) (Amendment) (No. 2) Order 2016 may be viewed in its entirety at the following URL:

http://www.legislation.gov.uk/uksi/2016/769/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