Regulatory Alerts2018-12-14 | 24054Added · Updated
Economic Sanctions (Implementation of United Nations Resolutions on the Democratic People’s Republic of Korea) Order, 2018
The Attorney General must apply to the High Court for freezing orders against property owned or controlled by listed entities, the Government of the DPRK, and associated individuals or entities situated in Trinidad and Tobago. The Order defines 'bulk cash' as currency exceeding twenty thousand Trinidad and Tobago dollars and prohibits transactions involving luxury goods, arms, and financial services linked to the DPRK's nuclear or ballistic missile programs. Financial institutions and listed businesses are required to immediately report known or suspected property holdings or suspicious transactions to the Financial Intelligence Unit and are barred from continuing business relationships with listed entities. The Attorney General must maintain and circulate consolidated lists of freezing orders to financial institutions every three months or upon receipt of new information.