The Democratic People's Republic of Korea (European Union Financial Sanctions) Regulations 2017 No. 218

PART 3 U.K. Restrictions on Financial Services and Markets

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

21.—(1) A credit or financial institution falling within the scope of Article 16 of the Council Regulation must not open a new bank account for—

(a) a diplomatic mission or consular post of the Democratic People's Republic of Korea, or

(b) a national of the Democratic People's Republic of Korea who is a member of such a diplomatic mission or consular post.

(2) A credit or financial institution falling within the scope of Article 16 of the Council Regulation must close any bank account by 11th April 2017 which is held or controlled by—

(a) a diplomatic mission or consular post of the Democratic People's Republic of Korea, or

(b) a national of the Democratic People's Republic of Korea who is a member of such a diplomatic mission or consular post.

(3) Paragraphs (1) and (2) are subject to regulation 23.