The UK Office of Financial Sanctions Implementation (OFSI) has published new guidance in the form of a factsheet and FAQs to help charities and NGOs comply with financial sanctions. OFSI press notice here.
The Justice for Victims of Corrupt Foreign Officials Act (Sergei Magnitsky Law), a Canadian bill which provides for restrictive measures to be taken against foreign nationals responsible for gross violations of internationally recognised human rights, has received Royal Assent.
Under the law, foreign nationals will be subject to restrictive measures if they are found to have been responsible for, or complicit in, “gross violations of internationally recognised human rights committed against individuals in any foreign country” who seek to “expose illegal activity carried out by government officials”, or to “obtain, exercise, defend or promote internationally recognised human rights and freedoms”. The law also targets foreign nationals involved in acts of “significant corruption”.
Similar laws were passed in the US (see previous blog here) and Estonia (see previous blog here). In the UK, the Criminal Finances Act 2017 was passed, however, the relevant sections dealing with ‘Magnitsky-style’ sanctions have yet to come into force.
President Putin has issued a decree which ends economic, scientific and technical ties between Russia and DPRK, in line with sanctions on N Korea imposed by UN Security Council resolution 2321 (2016). The decree was published on the Russian-state legal portal (link here).
The EU has adopted today new measures against DPRK, under Council Regulation (EU) 2017/1858, which expand the ban on EU investment in and with the DPRK to all sectors, decreases the amount of personal remittances that can be sent to the DPRK from €15,000 to €5,000, and imposes a prohibition on oil exports to the DPRK. The Council has also adopted Council Implementing Regulation (EU) 2017/1859, which adds 3 persons and 6 entities to the list of those subject to an asset freeze and travel restriction (for that list, see Annexes XV and XVI of Council Regulation (EU) 2017/1509).
These new measures add to those adopted by the EU on 10 October, which implemented the sectoral sanctions imposed by the UN Security Council resolution 2375 (2017) (for the previous blog, click here).
The UK Office of Financial Sanctions Implementation (OFSI) has renewed the designations of 2 entities under the Terrorist Asset-Freezing etc. Act 2010. For the OFSI Notice, click here.
Pacific Aerospace Ltd, an aircraft manufacturing company based in Hamilton, New Zealand, has pleaded guilty in a New Zealand court to indirectly exporting aircraft parts to North Korea and is expected to be sentenced in January. Charges had been brought against the company by the New Zealand Customs Service in August 2017, see here.
The UK’s Office of Financial Sanctions Implementation (OFSI) has issued a reminder that all persons who hold or control funds or economic resources belonging to, owned, held, or controlled by a designated person, must submit a report to OFSI with the details of those assets by Friday 13 October 2017.
The report should include details of all funds or economic resources frozen in the UK at close of business on 29 September 2017, as well as those held overseas where they are subject to UK sanctions.
The EU, in adopting Council Regulation (EU) 2017/1836, has strengthened its restrictive measures against the DPRK by transposing the sectoral sanctions imposed by UN Security Council resolution 2375 (2017). That resolution was adopted on 11 September 2017 in response to the DPRK’s ongoing nuclear weapons and ballistic missiles-development activities, in violation of previous UN Security Council resolutions.
The measures introduced by UNSC resolution 2375 (2017) include a ban on the sale of natural gas liquids to the DPRK, and on the importation of its textiles. The new measures also include limitations on the sale of refined petroleum products and crude oil to the DPRK. In addition, member states shall not be permitted to provide new work authorisations to DPRK nationals to enter and work in their territory. The exemptions provided by the UN Security Council for humanitarian and livelihood purposes have also been transposed.
Further, as agreed by EU foreign ministers in Tallinn on 7 September, the Council is currently working on possible additional EU autonomous measures to complement and reinforce the UN Security Council sanctions.
For the Council’s full press release, click here.