Policy
The Financial Services Commission may designate a natural person, legal person, or a group as a restricted person and publicly announce such designation when it is necessary to prevent financing of terrorism in order to implement international treaties to which Korea is a party or generally accepted international laws, or to contribute to the international efforts to maintain global peace and security (Article 4 Paragraph 1, PFOPIA).
Those persons designated and whose designation has been announced must obtain prior approval from the Financial Services Commission should they intend to conduct financial transactions with financial institutions and the resulting disbursement and receipt of the payment, or transfers, gift movable assets, immovable assets, bonds, or other property or property rights, or conduct other acts of disposal, and transfer of possession thereof or alter the original state. Not obtaining prior approval or falsely or unjustly obtaining the approval may result in imprisonment for not more than three years or a fine not exceeding 30 million won. (Article 4 (4), Article 6 (2))
On December 22, 2008, the Financial Services Commission designated 974 individuals and organizations including those involved in Taleban and Al Qaeda for the first time. On the basis of “Regulations on the Designation/Revocation of Persons Subject to Restrictions on Financial Transactions, Etc.”, any individual, leagl persons, or organizations designated by United Nations Security Council Resolution 1267/19889/2253, 1718, 2231, 1988 and successor resolution, and Sanctions Committee formed according to the resolution are automatically designated as a person subject to restrictions in Korea. As part of effort to commit ourselves to international peacekeeping and security, we are currently announcing the list of designated persons when terrorist financing and proliferation financing related regulation is necessary.
Regulations on the Designation/Revocation of Persons Subject to Restrictions on Financial Transactions, Etc.
- ISIL (Da'esh) & Al-Qaida Sanctions Committee UNSC Resolutions 1267(1999)•1989(2011) and 2253(2015)
- 1718 Sanctions Committee (DPRK) UNSC Resolution 1718(2006)
- Iran Sanction Committee UNSC Resolution 2231(2015)
- 1988 Sanctions Committee UNSC Resolution 1988(2011)
- UN Security Council Consolidated List
A person who has an objection against the designation of a restricted person may raise an objection to the FSC within 30 days from the date he/she is notified thereof, and a person against the decision to reject financial transactions by the Financial Services Commission may file an objection to the FSC within 30 days from the date when decision is made.
For further details, please note ‘Regulations on the Designation/Revocation of Persons Subject to Restrictions on Financial Transactions, Etc.’
Regulations on the Designation/Revocation of Persons Subject to Restrictions on Financial Transactions, Etc.
ISIL(Da'esh) & Al-Qaida Sanctions Committee
1718 Sanctions Committee (DPRK)
2231 Sanctions Committee
1988 Sanctions Committee
Application Form for Objection