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UN, SECO amends 2 North Korea sanctions listings

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September 16, 2022 International sanctions2022

Updated sanction notification

The State Secretariat for Economic Affairs (SECO) has published an amendment to Annex 1 of the Ordinance of May 18, 2016 on Measures against the Democratic People’s Republic of Korea (North Korea) (SR 946.231.127.6).

With the decision of September 14, 2022, the UN Security Council changed the list of persons, companies and organizations sanctioned in this context. The change is directly applicable in Switzerland. On September 15, 2022, SECO therefore adjusted the sanctions database SESAM (SECO Sanctions Management), which is relevant for Switzerland, and published the adjustment on its website .


In accordance with the provisions of the ordinance, the financial intermediaries are required to implement the bans, to freeze the assets of the sanctioned persons and to report the affected business relationships to SECO. The report to SECO does not release a financial intermediary from carrying out additional investigations in accordance with Art. 6 AMLA in the event of suspicions and, if they cannot clear them up, from reporting immediately to the Money Laundering Reporting Office in accordance with Art. 9 of the Money Laundering Act.

And here are the updated UN listings from the 1718 Sanctions Committee press release:

KPe.036 Name: SINGWANG ECONOMICS AND TRADING GENERAL CORPORATION
A.k.a.: na F.k.a.: na Address: Democratic People's Republic of Korea Listed on: 30 Nov. 2016 (amended on 26 Jul. 2022, 14 Sep. 2022) Other information: Singwang Economics and Trading General Corporation is a DPRK firm for trading in coal. DPRK generates a significant share of the money for its nuclear and ballistic missile programs by mining natural resources and selling those resources abroad. IMO number: 5905801.

KPe.074 Name: WEIHAI WORLD-SHIPPING FREIGHT
A.k.a.: na F.k.a.: na Address: 419-201, Tongyi Lu, Huancui Qu, Weihai, Shandong, 264200, China Listed on: 30 Mar. 2018 (amended on 23 May 2018, 14 Sep. 2022) Other information: Ship and commercial manager of the XIN GUANG HAI, a vessel that on loaded coal at Taean, DPRK, on 27 October 2017 and had an ETA of 14 November 2017 to Cam Pha, Vietnam, but it did not arrive. IMO number: 5905801.

Links:

FINMA Notice

UN Notice

Data files of updates – PDF, XML

Categories: North Korea (DPRK) Sanctions Sanctions Lists SECO Updates UN Updates

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