The Democratic People’s Republic of Korea (Sanctions) (Overseas Territories) (Amendment) Order 2016

EXPLANATORY NOTE

(This note is not part of the Order)

This Order amends the Democratic People’s Republic of Korea (Sanctions) (Overseas Territories) Order 2012.

This Order gives effect in specified Overseas Territories to the additional sanctions against North Korea adopted by the United Nations Security Council in resolution 2270 (2016), which are reflected and implemented in Council Regulation (EC) 329/2007.

In particular the Order provides for the imposition of additional asset freezing measures against certain funds and economic resources of the Government of North Korea and the Korean Worker’s Party and makes provision for licences to be granted to enable the dealing of such funds and economic resources in specified circumstances.

The Order also provides for the imposition of additional financial sanctions measures on North Korean credit and financial institutions and UK credit and financial institutions. These include requirements to terminate financial relationships with North Korean credit and financial institutions, prevent new economic activity in North Korea and prohibit financial support for trade that could assist nuclear-related, other weapons of mass destructions-related, or ballistic missile-related programmes, or other activities prohibited by the Council Regulation.

The Order also gives effect to new sectoral prohibitions relating to the export of coal, minerals, iron ore, gold, other metals and an import ban on aviation fuel. It broadens the inspection regime in relation to cargo which may be carrying prohibited goods from or to North Korea and imposes prohibitions relating to the chartering of vessels and aircraft to North Korea and listed persons.