Menu Home

JUly 24, 2013: HMT updated North Korea and Syrian sanctions

Her Majesty's Treasury has implemented changes to the North Korean and Syrian sanctions program in-line with changes adopted by the European Union.

The North Korean regulations now have new prohibitions against opening bank accounts with North Korean banks, and opening or maintaining correspondent accounts with them. There is also a new Annex (listing of sanctioned persons) that lists people who have “assisting in the evasion of sanctions or violating the provisions of the 2007 Regulation.”

The Syrian regulations now have a new license provision such that accounts with Syrian financial institutions can be opened, or new branches, offices or subsidiaries (banks, of course – this is HMT, after all) for “the activities concerned are for the purpose of providing assistance to the Syrian civilian population, in particular in view of meeting humanitarian concerns, assisting in the provision of basic services, reconstruction or restoring economic activity, or other civilian purposes”. There is more detail of the requirements and the process in the notice, of course.

Links:

HMT North Korea notice

Commission Implementing Regulation (EU) No 696/2013

HMT Syria notice

Commission Regulation (EU) No 697/2013

 

Categories: Licenses North Korea (DPRK) Sanctions OFSI Updates Sanctions Regulations Syrian Sanctions

eric9to5

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: