Assets: North Korea:Written question - HL4928

Asked on: 12 January 2016
HM Treasury
Assets: North Korea
To ask Her Majesty’s Government whether any North Korean assets are held in the UK; and what steps they are taking to freeze assets they suspect to be linked to weapons proliferation, smuggling, money laundering, or human rights abuses in North Korea.
Answered by: Lord O'Neill of Gatley
Answered on: 26 January 2016

HM Treasury has, since 2007 implemented European Union sanctions against individuals and entities identified as linked to the Democratic People’s Republic of Korea’s (DPRK) nuclear programmes.

The result of these sanctions is that financial institutions are required to freeze funds and economic resources of persons, entities and bodies engaged in or providing support for North Korea’s nuclear-related, other weapons of mass destruction-related or ballistic missile-related programmes. Any assets in the UK which are owned, held or controlled by any of the 70 listed individuals and entities identified as linked to North Korea’s nuclear programmes are frozen. HM Government works to ensure that these measures are robustly implemented, including by looking to uncover assets which may be hidden behind complex company structures.

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