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The Democratic People's Republic of Korea (Sanctions) (EU Exit) Regulations 2019

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The Democratic People's Republic of Korea (Sanctions) (EU Exit) Regulations 2019, Section 19 is up to date with all changes known to be in force on or before 28 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

UK credit or financial institutions: severance of existing financial relationshipsU.K.

This section has no associated Explanatory Memorandum

19.—(1) A UK credit or financial institution must—

(a)close any bank account with,

(b)terminate any correspondent banking relationship with,

(c)terminate any joint venture with, and

(d)relinquish any ownership interest in,

a person falling within regulation 18(2).

(2) A UK credit or financial institution must—

(a)close any representative office of that institution in the DPRK; and

(b)close any branch or subsidiary of that institution in the DPRK.

(3) Paragraphs (1) and (2) are subject to Part 9 (Exceptions and licences).

(4) A person who fails to comply with a requirement in paragraph (1) or (2) commits an offence.

Commencement Information

I1Reg. 19 not in force at made date, see reg. 1(2)

I2Reg. 19 in force at 25.3.2019 by S.I. 2019/627, reg. 7(1)(i)

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