Parliamentary Search

Written question asked by Lord Alton of Liverpool (Crossbench) on Monday, 10 October 2016, in the House of Lords. It was due for an answer on Monday, 24 October 2016. It was answered by Lord Young of Cookham (Conservative) on Monday, 24 October 2016 on behalf of the Treasury.

Financial Services: North Korea

Question

To ask Her Majesty’s Government whether the government of North Korea, or any of its state-owned companies, has access to the London Stock Exchange or holds financial interests in the UK.

Answer

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).

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.

Secondary information

Type
Written question
Reference
HL2086
Session
2016-17
Related items
Deposited Paper DEP2016-0768
Monday, 24 October 2016
Deposited papers
House of Lords
Subjects
Financial services Stocks and shares North Korea
Link
View this Written question on www.parliament.uk