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.
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.
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.
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.