June 16, 2019

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EU Amends North Korea Sanctions

With effect from 1 March 2017, the European Union has amended its financial sanctions against the Democratic People’s Republic of North Korea to include additional prohibitions. In summary: (1) with effect from 1 March 2017, it is prohibited to open a new bank account held or controlled by a North Korean diplomatic mission, consular post or their North Korean members; (2) by 11 April 2017, any existing bank account held or controlled by a North Korean diplomatic mission, consular post or their North Korean members must be closed; and (3) derogations may be authorised (if requested) for one bank account per mission, post and member.

Council Regulation (EU) No 2017/330 amends Council Regulation (EC) 329/2007.

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