Tag Archives: UN

EU Amends Restrictive Measures on the Democratic People’s Republic of Korea

On 8 January 2018, the EU aligned its North Korea sanctions list with part of UN Security Council Resolution 2397 adopted on 22 December 2017. Sixteen persons and one entity, the Ministry of the People‘s Armed Forces, have been added to the list of those subject to an asset freeze and travel restrictions (See Council … Continue Reading

UN Adopts New Sanctions Against North Korean Offcials and Entities

On 2 June 2017, the UN Security Council adopted new sanctions targeting 18 North Korean officials and entities as a result of North Korea’s recent ballistic missile tests. Under these sanctions, entities and people are subject to an asset freeze and travel ban in all UN countries. The EU’s implementing measures are Commission Regulation 2017/970, which amends Council Regulation 329/2007 … Continue Reading

UK Office of Financial Sanctions Implementation (OFSI) Publishes New Guidance on the New UK Financial Sanctions Regime

Following the coming into force of Part 8 of the Policing and Crime Act 2017, which introduces new monetary penalties for breaches of financial sanctions, OFSI has published guidance on the new regime, including: Guidance on monetary penalties for breaches of financial sanctions A response to OFSI’s consultation on the process for imposing monetary penalties … Continue Reading

UK Introduces New Monetary and Criminal Penalties for Breach of Financial Sanctions

The new Policing and Crime Act 2017 (the Act), which comes into force in April 2017, provides HM Treasury with enforcement powers to punish breaches of financial sanctions. Under the Policing and Crime Act 2017, HM Treasury has the power to impose monetary penalties if it is satisfied that a person acted in breach of … Continue Reading

New Era of UK Financial Sanctions Regime – The Policing and Crime Act 2017

On 1 April 2017, HM Treasury implemented a new US-type financial sanctions enforcement framework, The Policing and Crime Act (the Act), that can potentially fine UK and non-UK companies EUR 1 million or more for breaches of financial sanctions. Part 8 of the Act gives the Office of Financial Sanctions Implementation (OFSI), which is part of HM … Continue Reading

EU Removes Five Vessels from its North Korea Sanctions

The EU has removed five vessels from its sanctions against North Korea, implementing a UN decision to de-list them at the end of 2016. The EU had listed these vessels on its sanctions on North Korea for being operated or managed by listed entity Ocean Maritime Management Company. Commission Implementing Regulation 2017/80 amends Council Regulation … Continue Reading

EU Expands Its Sanctions Against North Korea

The EU sanctions against North Korea have been amended in order to incorporate recent changes to UN sanctions against North Korea and to tighten the restrictions currently in place on North Korean vessels. This update provides for the designation of additional items to which prohibitions on the transfer, procurement and provision of technical assistance apply. Furthermore, the EU has decided … Continue Reading

EU Issues Declaration on South Sudan Sanctions

Following the extreme violence and fighting in July 2016, the EU’s High Representative, Federica Mogherini, issued a declaration on South Sudan. The EU reiterates its call on all South Sudanese parties to implement the Agreement on the Resolution of the Conflict in good faith. The declaration is clear that the EU remains ready to impose sanctions against any individual responsible … Continue Reading

EU Introduces New Sanctions Against North Korea Following Those That Were Announced by the UN Security Council Last Month

The restrictive measures include a ban on the import of coal, iron and iron ore from North Korea, a blanket restriction on opening new branches, subsidiaries or representative offices of North Korean banks, and an obligation for Member States to expel North Korean diplomats engaged in certain activities. Council Decision 2016/476 amends Decision 2013/183/CFSP. On a related note, China … Continue Reading

New Sanctions Against North Korea

South Korea, the EU and US imposed or strengthened sanctions against North Korea in March. South Korea’s sanctions include an asset freeze on, and a restriction on business dealings with, 38 individuals and 24 entities in North Korea alleged to be responsible for the development of weapons of mass destruction. Further sanctions were imposed against two individuals and six … Continue Reading

EU Powers Sent Letter to UNSC over Iranian Missile Launches

The UK, along with France, Germany and the US have criticised Iran for its recent missiles tests. In a joint letter to Spain’s UN ambassador and UN chief Ban Ki-moon, the group of countries accused Iran of defying a UN Security Council resolution by launching nuclear-capable missiles. The tests have reignited discussions over EU and US sanctions. The situation … Continue Reading
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