Guidance

Financial sanctions, North Korea (Democratic People’s Republic of Korea)

This page contains a list of designated persons, targeted under the Democratic People’s Republic of Korea (DPRK) financial sanctions regime, and information on relevant regulations.

Documents

Details

Sanctions

The DPRK is subject to financial sanctions imposed by the United Nations (UN) and European Union (EU). All relevant regulations are listed below.

Implementation date

In 2006, the United Nations introduced Resolution 1718 (2006) and imposed asset freezes because of the DPRK’s missile programmes. On 27 March 2007, the EU transposed this UN Resolution into EU law.

In 2017, the EU introduced Council Regulation 2017/1509 to bring all existing UN and EU regulations together.

This page contains information on financial sanctions. You can also visit the Export Control Joint Unit’s web pages on GOV.UK for more information about importing and exporting goods to and from the DPRK.

Context

DPRK is subject to counter-proliferation measures. These are imposed to prevent persons, entities and bodies from obtaining goods, funds and services which could contribute to the DPRK’s nuclear, ballistic missile and related programmes.

Additional restrictive measures were imposed in 2016 and 2017 because of continued DPRK missile-testing. Some sanctions targets listed under the DPRK regime are known to use ‘shell’ or ‘front’ companies to disguise the ultimate destination of goods, funds and services.

You need to ensure you’re not working with those subject to sanctions through these companies.

Restrictions

DPRK targets are on OFSI’s financial sanctions consolidated list and are subject to an asset freeze. You can find information about asset freezes in OFSI’s general guidance.

This regime also includes sectoral financial sanctions. Therefore, you must not undertake the following for a designated person:

  • open a bank account
  • establish a new correspondent banking relationship
  • establish a new joint venture

Also, you must not take an ownership interest in:

  • a credit or financial institution in the DPRK
  • a company owned by a designated person, body, or entity.

Additionally, there are restrictions on:

  • the sale or purchase of bonds
  • DPRK credit and financial institutions (branches, subsidiaries and representative offices)
  • the severance of existing financial relationships
  • financial support for trade
  • investment and commercial activities
  • bank accounts for DPRK diplomats and diplomatic missions
  • leasing or, otherwise making available, real property.

OFSI can authorise some transactions under legal grounds which are set out in the relevant regulations for this regime. Please review these before contacting OFSI.

Given the complexities and risks involved in operating in this country, OFSI recommends you discuss any proposed activities in DPRK with relevant financial and other institution(s) beforehand. OFSI also recommends that you seek independent legal advice for such activities.

UN regulations

The UN adopted Resolution 1718 (2006), condemning DPRK’s nuclear test on 9 October 2006 and requiring all UN member states to apply restrictive measures against the DPRK.

Further resolutions have been imposed on the DPRK to extend these restrictive measures. These are available online.

EU regulations

You can view the Council Regulation 2017/1509 on restrictive measures against North Korea online.

You can find the most recent amendments to the Regulation by searching on EUR-Lex – an online database that provides free access to EU law, international agreements and other public documents. Just:

  • enter the Regulation number into the search bar
  • open the relevant page
  • click ‘document information’.

UK regulations

Published 23 April 2013
Last updated 8 November 2018 + show all updates
  1. Updated with 'latest HM Treasury Notice 08/11/2018, North Korea (Democratic People’s Republic of Korea) (Reg 2018/1654)'.
  2. Updated with 'latest HM Treasury Notice 26/10/2018, North Korea (Democratic People’s Republic of Korea) (Reg 2018/1606)'.
  3. Updated with 'latest HM Treasury Notice 17/010/2018, North Korea (Democratic People’s Republic of Korea)'.
  4. Updated 'Latest HM Treasury notice 14/09/2018, North Korea (Democratic People’s Republic of Korea) (Reg 2018/1231)'.
  5. Updated with latest HM Treasury notice – 31/07/2018 North Korea (Democratic People’s Republic of Korea) (Reg 2018/1074).
  6. Updated with 'latest HM Treasury Notice 18/07/2018, North Korea (Democratic People’s Republic of Korea) (Reg 2018/1009);.
  7. Updated with latest HM Treasury Notice 04/06/2018, North Korea (Democratic People’s Republic of Korea) (Reg 2018/814).
  8. Updated with latest HM Treasury notice 01/06/2018, North Korea (Democratic People’s Republic of Korea) (Reg 2018/714)
  9. Updated with latest HM Treasury Notice 20/04/2018, North Korea (Democratic People’s Republic of Korea) (Reg 2018/602)
  10. Updated with latest HM Treasury notice 10/04/2018, North Korea (Democratic People’s Republic of Korea) (Reg 2018/548)
  11. Updated with latest HM Treasury notice 05/04/2018, North Korea (Democratic People’s Republic of Korea)
  12. Updated with latest HM Treasury notice, 06/03/2018, North Korea (Democratic People’s Republic of Korea) (Reg 2018/324)
  13. Page updated to provide more clarity.
  14. Updated with latest HM Treasury notice, 28/02/2018, North Korea (People’s Democratic Republic of Korea) (Reg 2018/285)
  15. Updated with latest HM Treasury notice, 26/02/2018, North Korea (People’s Democratic Republic of Korea)
  16. Updated with latest HM Treasury notice, 23/01/2018, North Korea (Democratic People’s Republic of Korea) (Reg 2018/87)
  17. Updated with latest HM Treasury notice 15/01/2018, North Korea (Democratic People’s Republic of Korea) (Reg 2018/53)
  18. Updated with latest HM Treasury notice, 09/01/2018, North Korea (Democratic People’s Republic of Korea) (Reg 2018/12)
  19. Updated with latest HM Treasury Notice, 03/01/2018, North Korea (Democratic People’s Republic of Korea)
  20. Updated with latest HM Treasury notice, 27/12/2017, North Korea (Democratic People’s Republic of Korea)
  21. Updated link to Council Regulation
  22. Updated with latest HM Treasury notice, 19/10/2017, North Korea (Democratic People’s Republic of Korea) (Reg 2017/1897)
  23. Updated with latest HM Treasury notice, 17/10/2017, North Korea (Democratic People’s Republic of Korea) (Reg 2017/1859)
  24. Updated with latest HM Treasury notice 29/09/2017, North Korea (Democratic People’s Republic of Korea) and updated UK and EU regulations information.
  25. Updated with latest HM Treasury notice 18/09/2017, North Korea (Democratic People’s Republic of Korea), (Reg 2017/1568)
  26. Updated with latest HM Treasury notice 15/09/2017 North Korea (Democratic People’s Republic of Korea) (Reg 2017_1509).
  27. Updated with latest HM Treasury Notice, Democratic People’s Republic of Korea, 12/09/2017
  28. Updated with latest HM Treasury notice, 11/08/2017, DPRK (Reg 2017/1457)
  29. Updated with latest HM Treasury Notice 07/08/2017, Democratic People’s Republic of North Korea
  30. Updated with new notice 19/07/2017, Democratic People’s Republic of North Korea (Reg 2017/1330)
  31. Updated with latest HM Treasury notice 16/06/2017 Democratic People’s Republic of Korea (Reg 2017/993)
  32. Updated with latest HM Treasury Notice, 12/06/2017, Democratic People’s Republic of North Korea (Reg 2017/970)
  33. Updated with latest HM Treasury notice 05/06/2017 Democratic People’s Republic of Korea
  34. Updated with latest HM Treasury Notice, 07/04/2017, Democratic People’s Republic of North Korea (Reg 2017/661)
  35. Updated 'Current UK regulations' to include 01.03.2017 The Democratic People’s Republic of Korea (European Union Financial Sanctions) Regulations 2017 ( S.I.2017/218)
  36. Updated with Latest HM Treasury notice, 01/03/2017, Democratic People’s Republic of Korea (Reg 2017/330)
  37. Updated with: HM Treasury notice, 18/01/2017, North Korea (Reg 2017/80)
  38. Updated with: HM Treasury notice, 09/12/2016, Democratic People’s Republic of Korea (Reg 2016/2215)
  39. Page information presentation updated (how we link to EU regulations) - no new notice
  40. Updated with link to new Statutory Instrument that implements notice 2016/780 published on 09.06.2016
  41. Updated due to Notice
  42. Updated with: OFSI notice, 01/06/2016
  43. Updated with: Regulation No 2016/780 and link to regulations (S.I. 2016/578)
  44. Updated with OFSI guidance on Article 5a of Council Regulation (EC) 329/2007
  45. Updated with 03.05.2016 Council Regulation (EU) No 2016/682 Notice
  46. Updated list due to Notice - 28.04.2016 Commission Implementing Regulation (EU) No 2016/659
  47. Updated list due to Notice 2016/569
  48. Updated with latest notice and links to regulatory guidance
  49. New notice (Reg 2015/1062)
  50. Updated with latest notice Democratic People’s Republic of Korea (Reg 1059/2014)
  51. added Latest HM Treasury Notice, 17/04/2014 Democratic People’s Republic of Korea (Reg 386/2014)
  52. removed 27.04.2011 The Democratic People’s Republic of Korea (Asset-Freezing) Regulations 2011 (SI 2011/1094)
  53. added 16.08.2013 The Democratic People’s Republic of Korea (European Union Financial Sanctions) Regulations 2013 (S.I. 2013/1877)
  54. added Latest HM Treasury Notice, 24.07.2013 Democratic People’s Republic of Korea (Reg 696/2013)
  55. First published.