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

Changes over time for: Section 19

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Version Superseded: 18/10/2017

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Transfers of fundsU.K.

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19.—(1) Subject to paragraph (3) [F1or paragraph (5)] a person (“P”) must not make a transfer of funds to, or receive a transfer of funds from, the Democratic People's Republic of Korea.

(2) Subject to paragraph (3) [F2or paragraph (5)] a credit or financial institution falling within the scope of [F3Article 1] of the Council Regulation must not enter into, or continue to participate in, any transaction with—

(a)credit or financial institutions domiciled in the Democratic People's Republic of Korea;

(b)branches or subsidiaries, wherever located, of credit or financial institutions domiciled in the Democratic People's Republic of KoreaF4...;

[F5(c)credit or financial institutions that are not domiciled in the Democratic People’s Republic of Korea but are controlled by persons, entities or bodies domiciled in the Democratic People’s Republic of Korea.]

(3) A transfer of funds may be made—

(a)where the value of the transfer is [euro]15,000 or less, if the transfer relates to a transaction mentioned in paragraph (4); or

(b)where the value of the transfer is over [euro]15,000, if—

(i)the transfer relates to a transaction mentioned in paragraph (4); and

(ii)P or the institution has obtained F6... authorisation from the Treasury.

(4) The transactions are—

(a)transactions regarding foodstuffs, healthcare or medical equipment;

(b)transactions for agricultural or humanitarian purposes;

(c)transactions regarding personal remittances;

(d)transactions that have been licensed under regulation 23;

(e)transactions that are permitted under an exemption contained in the Council Regulation;

(f)transactions regarding a trade contract that is not prohibited by the Council Regulation;

[F7(g)transactions regarding the official purposes of a diplomatic or consular mission or an international organisation enjoying immunities in accordance with international law;]

F8(h). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F9(i). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(j)transactions required exclusively for the implementation of projects funded by the European Union or its Member States for development purposes directly addressing the needs of the civilian population of the Democratic People's Republic of Korea or the promotion of denuclearisation;

F10(k). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11(l). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F12(5) The prohibitions in paragraphs (1) and (2) do not apply to a transfer of funds or transaction which is necessary for the official purposes of a diplomatic or consular mission of a Member State in the Democratic People’s Republic of Korea or an international organisation enjoying immunities in the Democratic People’s Republic of Korea in accordance with international law.]

(6) In this regulation—

(a)a reference to an amount in euros includes a reference to the equivalent amount in another currency; F13...

(b)a reference to a transfer of funds of a particular amount includes a transfer executed in several operations which appear to be linked, as well as a transfer executed in a single operation [F14; and]

[F15(c)a reference to a transfer of funds includes the clearing of funds.]

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