OFSI GUIDANCE: NORTH KOREA: PROLIFERATION AND COMPLIANCE CHALLENGES

On 1st March, the blog maintained by HM Treasury’s Office of Financial Sanctions Implementation (OFSI) made available guidance for businesses about how to manage risk over North Korean sanctions.  It provides 3 basic tips –

  • Understand your risk and potential exposure;
  • Consider your activities, and the services you provide, from the perspective of a proliferator or individual seeking to undertake illicit activity.; and
  • Engage critically with your customer and trading data

https://ofsi.blog.gov.uk/2018/03/01/north-korea-proliferation-and-compliance-challenges/

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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