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<p>As part of UN and EU sanctions, banks are required to close existing branches,
subsidiaries or accounts in North Korea where it has been determined that they contribute
to North Korea’s ballistic missile programmes. The sanctions also prohibit any commercial
activity by the Government of North Korea (including legal persons, entities or bodies
owned or controlled by them).</p><p>Assets owned or controlled in the EU by designated
DPRK persons, entities or bodies, including government bodies, are subject to an asset
freeze and cannot be traded on the London Stock Exchange. A list of designations which
has been placed in the Library includes a number of DPRK government and state-owned
bodies. HM Treasury implements these financial sanctions in the UK. Non-compliance
with financial sanctions is a criminal offence and HM Treasury works closely with
law enforcement to ensure sanctions breaches are dealt with appropriately. For reasons
of confidentiality, the Treasury does not make public the details of individual reports
of frozen assets.</p>
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