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The Democratic People’s Republic of Korea (European Union Financial Sanctions) Regulations 2017

Type Statutory-Instrument
Publication 2017-02-28
Last updated 2020-12-31
State In force
Department King's Printer of Acts of Parliament
Source legislation.gov.uk
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articles Not indexed
Reform history JSON API

Made: at 1.30 p.m. on 28th February 2017

Laid before Parliament: at 5.00 p.m. on 28th February 2017

Coming into force: 1st March 2017

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PART 1 — General

Citation, commencement and application

1

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Interpretation

2

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PART 2 — Funds and Economic Resources

Freezing of funds and economic resources

3

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Making funds available to a designated person

4

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Making funds available for the benefit of a designated person

5

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Making economic resources available to a designated person

6

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Making economic resources available for the benefit of a designated person

7

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Funds and economic resources: Government of Democratic People's Republic of Korea and Worker's Party of Korea

8

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Credits to a frozen account

9

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PART 3 — Restrictions on Financial Services and Markets

Credit and financial institutions: accounts and correspondent banking relationships

10

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Credit and financial institutions: representative offices etc

11

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Acquisition or extension of ownership interest

12

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Sale or purchase of bonds

13

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DPRK credit and financial institutions: branches, subsidiaries, and representative offices

14

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Severance of existing financial relationships

15

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Business directly or indirectly with designated persons

16

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Financial support for trade

17

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Investment and commercial activities

18

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Transfers of funds

19

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Authorisations

20

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Bank accounts for diplomats and diplomatic missions of the Democratic People's Republic of Korea

21

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Real property

22

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PART 4 — Licences

Licences

23

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PART 5 — Offences

Contravention and circumvention of prohibitions

24

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Officers of a body corporate etc.

25

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Penalties

26

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Proceedings

27

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28

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PART 6 — Miscellaneous

Information provisions

29

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Notices

30

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The Crown

31

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Revocation

32

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Savings

33

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SCHEDULE — Information Provisions

Reporting obligations of relevant institutions and others

1

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Powers to request information

2

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Production of documents

3

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Failure to comply with request for information

4

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General power to disclose information

5

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Application of provisions

6

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Signed

Guto Bebb — David Evennett — Two of the Lords Commissioners of Her Majesty's Treasury

Explanatory note

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Footnotes

[^f00001]: S.I. 2010/1834.

[^f00002]: 1972 c.68. Section 2(2) was amended by the Legislative and Regulatory Reform Act 2006 (c.51), section 27(1)(a) and the European Union (Amendment) Act 2008 (c.7), Schedule, Part 1. Paragraph 1A of Schedule 2 to the 1972 Act was inserted by the Legislative and Regulatory Reform Act 2006, section 28 and amended by S.I. 2007/1388 and the European Union (Amendment) Act 2008, Schedule, Part 1.

[^f00003]: OJ L 88 29.3.2007, p.1, as amended most recently by Council Regulation (EU) No. 682/2016 of 3rd May 2016 (OJ L 117 5.4.2016, p.1), Council Regulation (EU) No. 841/2016 of 28th May 2016 (OJ L 141 28.05.2016, p.36), and Council Regulation (EU) No. 2017/330 of 27th February 2017 (OJ L 50 28.2.2017, p1).

[^f00004]: 1981 c.61. Part 4 was amended by the British Overseas Territories Act 2002 (c.8), section 1(1)(b) and the Nationality, Immigration and Asylum Act 2002 (c.41), sections 15 and 161, Schedule 2, paragraph 1(i) and Schedule 9.

[^f00005]: 2000 c.8.

[^f00006]: Part 4A was inserted by the Financial Services Act 2012 (c.21), section 11(2) and amended most recently by S.I. 2015/910.

[^f00007]: As amended by S.I. 2006/3221 and S.I. 2013/3115.

[^f00008]: As amended by S.I. 2003/2066, S.I. 2007/3253, S.I. 2012/1906, S.I. 2013/1881 and S.I. 2015/575.

[^f00009]: As amended by S.I. 2007/126, S.I. 2007/3253 and S.I. 2012/1906.

[^f00010]: Section 22 was amended by the Financial Services Act 2012, section 7(1).

[^f00011]: See S.I. 2001/544 as amended, most recently by S.I. 2015/910.

[^f00012]: Schedule 2 was amended by the Dormant Bank and Building Society Accounts Act 2008 (c.31), section 15, Schedule 2, paragraph 1, the Regulation of Financial Services (Land Transactions) Act 2005 (c.24), section 1, the Financial Services Act 2012, section 7(2) to (5) and section 8 and by S.I. 2013/1881.

[^f00013]: 1995 c.46.

[^f00014]: 1947 c.44.

[^f00015]: S.1. 2013/1877.

[^f00016]: S.I. 2016/578.

[^f00017]: S.I. 2016/634.

[^f00018]: S.I. 2016/1214.

[^f00019]: 1998 c.29.

[^f00020]: 2000 c.23.

Editorial notes

Persons listed in Annex XVII of the Council Regulation, the Foreign Trade Bank and the Korean National Insurance Company

8A

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Credits to a frozen account

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