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Financial Sanctions: Democratic People's Republic of Korea 24 April 2013

This news release is issued in respect of the restrictive measures directed against the Democratic People's Republic of Korea.

Council Regulation (EC) No 329/2007 ("the 2007 Regulation") has been amended with effect from 23 April 2013 following the publication of Council Regulation (EC) No 370/2013 in the Official Journal of the European Union.

Annex IV to the 2007 Regulation lists persons, entities and bodies designated by the UN Sanctions Committee or the UN Security Council in accordance with paragraph 8(d) of UNSCR 1718 (2006).

Annex V to the 2007 Regulation lists persons, entities and bodies not listed in Annex IV, who have been designated by the Council of the European Union and are therefore covered by the freezing of funds and economic resources under Article 6 of the 2007 Regulation.

The amendments to Annex IV reflect the decision made by the United Nations Security Council in UNSCR 2094 (2013) on 7 March 2013, to add three individuals and two entities to the list established pursuant to UNSCR 1718 (2006). One entity now listed in Annex IV was previously listed in Annex V of the 2007 Regulation. Changes to the identifying information of one entity in Annex IV and one entity in Annex V have been made.

The individuals and entities whose names have been added to Annex IV are subject to the asset freeze imposed by the 2007 Regulation.

ADDITIONS

Individuals

KO, Ch'o'l-Chae

Position: Deputy Chief Representative for the Korea Mining Development Trading Corporation (KOMID)

Other Information: Annex IV. UN listing.

Group ID: 12869

MUN, Cho'ng-Ch'o'l

Position: Tanchon Commercial Bank (TCB) official

Other Information: Annex IV. UN listing.

Group ID: 12870

YO'N, Cho'ng, Nam

Position: Chief Representative for the Korean Mining Development Trading Corporation (KOMID)

Other Information: Annex IV. UN listing.

Group ID: 12868

Entity

SECOND ACADEMY OF NATURAL SCIENCES

a.k.a.:

  1. 2ND ACADEMY OF NATURAL SCIENCES
  2. ACADEMY OF NATURAL SCIENCES
  3. CHAYON KWAHAK-WON
  4. CHE 2 CHAYON KWAHAKWON
  5. KUKPANG KWAHAK-WON
  6. NATIONAL DEFENSE ACADEMY
  7. SANSRI
  8. SECOND ACADEMY OF NATURAL SCIENCES RESEARCH INSTITUTE

Address: Pyongyang, DPRK

Other Information: The Second Academy of Natural Sciences is a national-level organization responsible for research and development of the DPRK's advanced weapons systems.

Group ID: 12871

AMENDMENTS

Deleted information appears in square brackets [ ]. Additional information appears in italics.

Entities

KOREA COMPLEX EQUIPMENT IMPORT CORPORATION

Address: Rakwon-dong, Pothonggang District, Pyongyang, DPRK

Other Information: [Annex V. EU listing. Not UN.] Annex IV. UN Listing. Controlled by Korea Ryonbong General Corporation, which is it's parent company.

Group ID: 12443

SECOND ECONOMIC COMMITTEE [AND SECOND ACADEMY OF NATURAL SCIENCES]

Other Information: Annex V. EU listing. Not UN. Involved in key aspects of missile program. Directs the activities of KOMID.

Group ID: 11285

Financial institutions and other persons are requested to check whether they maintain any accounts or otherwise hold funds or economic resources for, or provide financial services to, the designated individuals and entities. If so, they must freeze such accounts or other funds and, unless licensed by the Treasury, refrain from dealing with said funds or economic resources, and suspend the provision of any financial services. They must also report their findings to the Sanctions Officer at the Customs and Excise Division of the Treasury. Where a relevant institution has already reported details of accounts, other funds or economic resources held frozen for the designated persons and entities they are not required to report these details again.

Further details of the sanctions regime related to the Democratic People's Republic of Korea and links to the Consolidated List of individuals and entities subject to these and other financial sanctions may be found on the Customs and Excise pages of the Isle of Man Government website.

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