United Nations Sanctions (Democratic People’s Republic of Korea) Regulation: Publication of Designated Lists

Our Ref: B10/1C
B1/15C
13 July 2018
The Chief Executive
All Authorized Institutions
Dear Sir/Madam,
United Nations Sanctions (Democratic People’s Republic of Korea) Regulation Further to the HKMA’s circular issued on 31 January 2018 which mentions, among other things, the issuance of early alerts on United Nations Security Council (UNSC) sanctions resolutions and sanctions lists, I am writing to draw your attention to another new arrangement by the Hong Kong Government for the publication of lists in relation to individuals and entities designated under the United Nations Sanctions (Democratic People’s Republic of Korea) Regulation. In accordance with the amended Regulation, and with effect from 22 June 2018, the Commerce and Economic Development Bureau (CEDB) will update the list of designated individuals and entities on its website in lieu of issuance of Gazette Notice. This will reduce the time taken to promulgate the updates. Authorized Institutions are reminded of their obligations to include relevant designations in their database, and, whenever there are updates, to screen all new designations against their client lists as soon as practicable. AIs are expected to refer to, including but not limited to, the link available on CEDB’s website for updated list of relevant persons and entities. Should you have any questions regarding this letter, please contact Ms. Joyce Chan on 28788281 or Mr. Kipling Chang on 28781737. Yours faithfully, Carmen Chu Executive Director (Enforcement and AML)