March 2, 2017: Changes to EU, HMT DPRK sanctions

Yesterday, Her Majesty’s Treasury adopted Council Regulation (EU) No 2017/330, which modifies the sanctions imposed on North Korea:

 

The following is a summary of the additional financial sanctions measures:

  1. With effect from 1 March 2017 it is prohibited to open a new bank account held or controlled by a North Korean diplomatic mission, consular post or their North Korean members

  2. By 11 April 2017 any existing bank account held or controlled by a North Korean diplomatic mission, consular post or their North Korean members must be closed

  3. Derogations may be authorised (if requested) for one bank account per mission, post and member 

Links:

HMT Notice

Council Regulation (EU) No 2017/330

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