HK to take sanction against DPRK on luxury goods

The Hong Kong government Friday gazetted the United Nations Sanctions against Democratic People's Republic of Korea Regulation 2014 (Amendment Regulation), prohibiting against the supply, sales, transfer or carriage of luxury goods to DPRK.

The regulation came into effect on Friday.

"The Amendment Regulation amends the existing sanctions against the Democratic People's Republic of Korea (DPRK) to implement decisions of the United Nations Security Council (UNSC) in Resolution 2094.

"It also implements relevant decisions of the UNSC to expand the scope of sanctions against the DPRK under UNSC Resolution 1718 to cover updated lists of items, material, equipment, goods or technology," a government spokesman said.

The Amendment Regulation provides for an expanded scope of items subject to sanctions to cover updated lists of items, material, equipment, goods or technology; prohibition against the supply, sale, transfer or carriage of luxury goods to a place in the DPRK; prohibition against the provision of financial services or the transfer of funds or other financial assets or economic resources that could contribute to a prohibited program or activity to or by a regulated person; and prohibition against certain ships from entering waters of Hong Kong.

"The provisions relating to the prohibition on luxury goods against the DPRK will come into operation on Dec. 26, 2014 so as to allow a three-month transitional period for the public and the business sector to familiarize themselves with the new legal requirements and make necessary adjustments," the spokesman added.