Regulatory Alerts2009-08-12 | BSD/DIR/CIR/GEN/03/020Restrictions on Democratic Peoples Republic of Korea (North Korea) Government Agencies and Front Companies for Involvement in Illicit Activities
The United Nations Security Council, through Resolution 1874 (UNSCR 1874), requests member countries to prevent financial services or assets that may contribute to North Korea's nuclear, ballistic missile, or other Weapon of Mass Destruction-related programs. This builds upon UNSCR 1718 from 2006, which authorized the freezing of assets for individuals and entities involved in these programs. Further measures include preventing North Korea from accessing financial services to facilitate transactions related to their prohibited activities. Financial transactions involving arms sales to North Korea are also prohibited. Banks must implement measures to ensure full compliance with these resolutions. A list of some identified North Korean banks is provided for reference.