Lord Alton of Liverpool – 2016 Parliamentary Question to the HM Treasury
The below Parliamentary question was asked by Lord Alton of Liverpool on 2016-01-20.
To ask Her Majesty’s Government what assessment they have made of whether any North Korean banks or businesses have direct or indirect access to the UK’s financial system, and whether any UK banks provide financial services to (1) North Korean individuals or entities, or (2) any third-party banks or entities that have engaged with North Korean individuals or entities engaged in sanctionable conduct.
Lord O’Neill of Gatley
In 2006 the United Nations imposed restrictions on a range of goods from entering or leaving North Korea and imposed a travel ban and asset freeze against those persons designated as persons who engage in or provide support for North Korea’s nuclear-related, other weapons of mass destruction related and ballistic missile-related programmes. These restrictions were implemented in the EU in 2007, and have subsequently been expanded by the EU.
The EU regulation prohibits financial institutions establishing new correspondent banking relationships with North Korean financial institutions if there are reasonable grounds to believe that this could contribute to North Korea’s nuclear-related, other weapons of mass destructions related or ballistic missile-related programmes.
HM Treasury is responsible for implementing these financial sanctions in the UK. Failing to comply with financial sanctions is a criminal offence and HM Treasury works closely with law enforcement to ensure breaches of sanctions are dealt with appropriately.
