Advisory Warning No. 4 of 2017 - The Democratic People's Republic of Korea (Sanctions) (Overseas Territories) (Amendment) (No. 3) Order 2016 (2017-04-05)

Summary

This is a public advisory from the BVI Financial Services Commission notifying industry that the Democratic People's Republic of Korea (Sanctions) (Overseas Territories) (Amendment) (No. 3) Order 2016 (UKSI 2016 No. 991) was ratified on 9 November 2016 and extended to the British Virgin Islands. The Order updates the sanctions regime against North Korea to reflect further EU measures adopted after UN Security Council Resolution 2270 (2016).

• Background: UN and EU sanctions against North Korea are implemented in the Overseas Territories via the Democratic People's Republic of Korea (Sanctions) (Overseas Territories) Order 2012, as amended.
• Prior amendments: The 2012 Order was previously amended by the 2016 Amendment Order (implementing UNSCR 2270) and the Amendment (No. 2) Order 2016 (implementing further EU measures).
• This amendment: The Amendment (No. 3) Order 2016 gives effect in the Territory to minor EU changes made in Council Decision (CFSP) 2016/849 (as amended by 2016/1341) and Council Regulation (EC) 329/2007 (as amended by Regulation (EU) 2016/1333).
• Purpose of notice: The advisory provides links to the underlying UK statutory instruments, EU decisions and regulations, and the UN Security Council resolution for reference.

The advisory is purely informational, alerting regulated persons to the legislative update; it does not itself set out new filing or reporting procedures but underscores the continuing obligation to comply with the North Korea sanctions regime as extended and amended.