Assets: North Korea:Written question - HL5645

Asked on: 01 February 2016
HM Treasury
Assets: North Korea
To ask Her Majesty’s Government, further to the Written Answer by Lord O’Neill of Gatley on 26 January (HL4928), whether any assets linked to North Korean individuals or organisations that are not associated with the Democratic People’s Republic of Korea’s (DPRK) nuclear programmes are held in the UK; and what steps they are taking to freeze assets held by individuals or organisations that are not associated with the DPRK nuclear programme that 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: 09 February 2016

Existing UN and EU sanctions against North Korea, which include measures such as asset freezes, are based upon UN Security Council Resolutions prohibiting the further development of North Korea’s nuclear and ballistic missile programmes. Therefore, the current requirement to freeze funds or economic resources only occurs in circumstances where the funds and economic resources are controlled by the persons and entities designated by the Sanctions committee, the Security Council or the EU council as being engaged in North Korea’s nuclear-related, ballistic missile related, or other weapons of mass destruction-related programmes.

The UK is currently discussing a response to the nuclear test of 6 January with key allies and partners. We want the response to be robust and send North Korea a clear signal that it must change its approach to international peace and security, We are also using our position as a member of the UN Human Rights Council (HRC) to discuss ways in which the international community can increase the pressure on North Korea to improve its appalling human rights record. North Korea will be discussed during the forthcoming March session of the HRC.

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