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The Democratic People’s Republic of Korea (European Union Financial Sanctions) Regulations 2017
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- UK Statutory Instruments
- 2017 No. 218
- PART 3
- Regulation 15
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15.—(1) A credit or financial institution falling within the scope of Article 16 of the Council Regulation must have, by 31st May 2016—
(a)closed any bank account with;
(b)terminated any correspondent banking relationship with;
(c)terminated any joint venture with;
(d)relinquished any ownership interest in,
a person falling within regulation 10(2).
(2) A credit or financial institution falling within the scope of Article 16 of the Council Regulation must have, by 31st May 2016—
(a)closed any branch in the Democratic People’s Republic of Korea; and
(b)closed any subsidiary, or representative office in the Democratic People’s Republic of Korea.
(3) Paragraphs (1)(a) and (2)(b) are subject to regulation 23.
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