UK Freezes Assets of North Korean Company
The UK has frozen the assets of a North Korean company based in south-east London
London - QNA
The UK has frozen the assets of a North Korean company based in south-east London after claims it funnelled cash to Pyongyang's nuclear weapons programme, the Guardian reported.
The Korea National Insurance Corporation (KNIC) is registered at a property in Blackheath. The EU has already imposed sanctions against the company, which it describes as "generating substantial foreign exchange revenue which is used to support the regime in North Korea". The move by Brussels followed an UN resolution.
The EU warned: "Those resources could contribute to the DPRK's nuclear-related, ballistic missile-related or other weapons of mass destruction-related programmes." According to EU sanctions imposed in July 2015, the KNIC's headquarters in Pyonyang is linked to Office 39 of the Korean Workers' party.
Through the EU regulations, the UK imposes restrictions on a range of goods from entering or leaving North Korea and imposes a travel ban and an asset freeze against people designated as engaging in or providing support for its programmes for weapons of mass destruction and ballistic missiles.
Source: QNA
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