The Democratic People’s Republic of Korea (European Union Financial Sanctions) (Amendment) (No. 2) Regulations 2017

Made: at 11.45 a.m. on 6th September 2017

Laid before Parliament: at 3.30 p.m. on 6th September 2017

Coming into force: at 4.00 p.m. on 6th September 2017

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Citation, commencement and interpretation

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Amendments to the 2017 Regulations

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Savings

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Signed

Heather Wheeler — Mark Spencer — Two of the Lords Commissioners of Her Majesty’s Treasury — At 11.45 a.m. on 6th September 2017

Explanatory note

(This note is not part of the Regulations)

EXPLANATORY NOTE

These Regulations make provision relating to the enforcement of Council Regulation (EU) 2017/1509 of 30th August 2017 (OJ L 224, 31.8.2017, p1) concerning restrictive measures against the Democratic People’s Republic of Korea (“DPRK”) and repealing Regulation (EC) No 329/2007 (“the 2017 Council Regulation”).

The measures include the freezing of funds and economic resources of designated persons and ensuring that funds and economic resources are not made available to them or for their benefit. They also include broader financial sanctions measures.

The 2017 Council Regulation consolidates the sanctions framework in relation to the DPRK and repeals and replaces Council Regulation (EC) No 329/2007 (OJ L 88 29.3.2007, p.1) of 27th March 2007 which had been amended on a number of occasions. These Regulations amend the Democratic People’s Republic of Korea (European Union Financial Sanctions) Regulations 2017 (S.I. 2017/218) to refer to the 2017 Council Regulation and to the new Annexes to that Regulation which designate persons and entities as being subject to financial sanctions. These Regulations make further provision consequent on other changes to the 2017 Council Regulation.

An impact assessment has not been prepared for this instrument because no impact on the private or voluntary sector is foreseen.

A list of designated persons is available at: www.gov.uk/government/publications/financial-sanctions-consolidated-list-of-targets or can be obtained from the Office of Financial Sanctions Implementation, H.M. Treasury, 1 Horse Guards Road, London SW1A 2HQ.

Further information is available from the Office of Financial Sanctions Implementation at the above address and on H.M. Treasury website (www.gov.uk/government/organisations/hm-treasury).

Footnotes

[^f00001]: S.I. 2010/1834.

[^f00002]: 1972 c.68. Section 2(2) was amended by the Legislative and Regulatory Reform Act 2006 (c.51), section 27(1)(a) and the European Union (Amendment) Act 2008 (c.7), Schedule, Part 1. Paragraph 1(1)(d) of Schedule 2 to the 1972 Act is modified by section 144 of the Policing and Crime Act 2017 (c.3), in relation to the exercise of the powers conferred by section 2(2) of the 1972 Act, for the purposes of implementing, or otherwise in relation to, EU obligations created or arising by or under an EU financial sanctions Regulation, as defined by section 143 of the 2017 Act. Paragraph 1A of Schedule 2 to the 1972 Act was inserted by the Legislative and Regulatory Reform Act 2006, section 28 and amended by S.I. 2007/1388 and the European Union (Amendment) Act 2008, Schedule, Part 1.

[^f00003]: OJ L 224 31.8.2017, p.1.

[^f00004]: S.I. 2017/218; amended by S.I. 2017/556 and 2017/754.

Editorial notes