
Article 1 
Regulation (EC) No 329/2007 is amended as follows:

((1)) Article 8a is replaced by the following:
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Article 8a 
The prohibitions in Article 6(1) and (4) shall not apply with regard to funds and economic resources belonging or made available to the Foreign Trade Bank or the Korean National Insurance Company (KNIC) insofar as such funds and economic resources are meant exclusively for the official purposes of a diplomatic or consular mission in North Korea, or for humanitarian assistance activities which are undertaken by, or in coordination with, the United Nations.';
((2)) Article 11c is replaced by the following:
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Article 11c 
By way of derogation from the prohibitions arising from UN Security Council Resolutions 1718 (2006), 1874 (2009), 2087 (2013), 2094 (2013), 2070 (2016), 2321 (2016), 2356 (2017) and 2371 (2017), the relevant competent authority of a Member State, as identified on the websites listed in Annex II, may authorise any activities if the Sanctions Committee has determined, on a case-by-case basis, that they are necessary to facilitate the work of international and non-governmental organisations carrying out assistance and relief activities in North Korea for the benefit of the civilian population in North Korea, pursuant to paragraph 46 of UN Security Council Resolution 2321 (2016).';
((3)) Annex V to Regulation (EC) No 329/2009 is amended as set out in the Annex to this Regulation.
Article 2 
This Regulation shall enter into force on the day following that of its publication in the Official Journal of the European Union.
This Regulation shall be binding in its entirety and directly applicable in all Member States.Done at Brussels, 24 August 2017.
For the Council
The President
M. MAASIKAS
ANNEX

In point (d) of Annex V to Regulation (EC) No 329/2007, the following is deleted:
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 Name (and possible aliases) Identifying information Reasons
1. Korea National Insurance Corporation (KNIC) and its branch offices (a.k.a. Korea Foreign Insurance Company) Haebangsan-dong, Central District, Pyongyang, DPRKRahlstedter Strasse 83 a, 22149 Hamburg.Korea National Insurance Corporation of Alloway, Kidbrooke Park Road, Blackheath, London SE30LW Korea National Insurance Corporation (KNIC), a State-owned and controlled company, is generating substantial revenue, including foreign exchange, which could contribute to the DPRK's nuclear-related, ballistic-missile-related or other weapons of mass destruction-related programmes. Furthermore, the KNIC headquarters Pyongyang is linked to Office 39 of the Korean Worker's Party, a designated entity.'
