Tighter Sanctions Against North Korea

Author:Dr. Andreas Glarner, Peter Henschel, Andreas Furrer and Alexandra Körner
Profession:MME Legal | Tax | Compliance
 
FREE EXCERPT

The Federal Council of Switzerland decided to impose considerably tighter sanctions on the Democratic People's Republic of Korea (DPRK), thereby implementing Resolution 2270 (2016) of the UN Security Council. The new Provisions entered into force on 18 May.

In response to the nuclear and missile testing carried out by North Korea on 6 January and 7 February, the UN Security Council issued Resolution 2270 (2016) on 2 March 2016, thus significantly tightening existing sanctions against North Korea. The resolution covers more extensive restrictions on the trade in goods, financial transactions, maritime and air transport and in the education sector. As a result of the numerous amendments required, the current ordinance will now be completely revised.

The existing ban on exports for luxury goods has been expanded to include additional products (luxury watches, certain recreational vehicles such as personal watercraft and snowmobiles, items of lead crystal and recreational sports equipment etc.). To ensure that no prohibited products are being exported to North Korea, exports and the transit of consignments of goods will now be checked by customs. The export and transit of goods bound for North Korea must be authorised by the State Secretariat for Economic Affairs (SECO) in advance. In a new move, the export of goods that could possibly increase the operational capabilities of the North Korean army has been prohibited. Furthermore, the sale and supply of certain aviation fuels is also prohibited. Also prohibited is the...

To continue reading

REQUEST YOUR TRIAL