Advisory Warning No. 15 of 2014 - The Democratic People's Republic of Korea (Sanctions) (Overseas Territories) (Amendment) Order 2013 (2014-08-13)

Summary

This is an Advisory Warning issued by the BVI Financial Services Commission notifying the public and industry that the Democratic People's Republic of Korea (Sanctions) (Overseas Territories) (Amendment) Order 2013 (UK S.I. 2013 No. 1718) was ratified on 10 July 2013 and extended to the British Virgin Islands. It amends the 2012 Principal Order and gives further effect in the Territory to UN Security Council Resolution 2094 (2013) and related EU sanctions measures against North Korea.

• Banking restrictions: Prohibits banks and financial institutions established in North Korea from opening branches, acquiring joint ventures, or establishing or maintaining correspondent banking relationships in certain circumstances.
• Trade restrictions: Implements EU prohibitions on the sale or purchase of gold, precious metals or diamonds involving North Korea.
• Financial instrument restrictions: Prohibits the sale or purchase of North Korean bonds and the movement of North Korean bank notes.

The notice is informational, directing readers to the full text of the Order and the underlying UN and EU instruments for detail; it does not itself set out a separate filing or reporting process beyond drawing attention to the sanctions regime already in force.

Key obligations

• Persons and entities in the BVI must comply with the sanctions prohibitions extended by the Order, including not engaging in prohibited North Korea related banking, correspondent relationship, gold/precious metals/diamond, bond, or bank note transactions.

Applies to

banks and financial institutions, the general public and industry practitioners