Advisory Warning No. 5 of 2014 - The Democratic People's Republic of Korea (Sanctions) (Overseas Territories) (Amendment) (No. 2) Order 2013 (2014-08-13)

Summary

This is an advisory notice from the BVI Financial Services Commission informing the public and regulated entities that a UK sanctions order affecting the Democratic People's Republic of Korea (DPRK) has been extended to the British Virgin Islands. It does not itself impose new procedural requirements but flags an expansion of the DPRK sanctions regime that firms must factor into their sanctions screening and compliance obligations.

• What changed: The Democratic People's Republic of Korea (Sanctions) (Overseas Territories) (Amendment) (No. 2) Order 2013 (UKSI 2013 No. 2599) was ratified and extended to the BVI on 9 October 2013, further amending the 2012 principal DPRK sanctions order.
• Scope of amendment: The Order extends sanctions to persons, entities or bodies listed in Annex Va of EU Council Regulation No 696/2013, covering those acting on behalf of or at the direction of parties already designated for DPRK nuclear, ballistic missile or WMD-related activity, arms supply to or from DPRK, or sanctions evasion.
• Reference materials: The advisory provides links to the underlying EU Council Regulation 329/2007, Council Decision 2013/183/CFSP, Council Regulation 696/2013, and the UK Order itself for firms to review the full designations.

Regulated entities should ensure their sanctions screening and AML/CFT compliance frameworks account for the expanded list of designated persons and entities under this amendment.

Applies to

all regulated entities, general public and industry practitioners