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

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

8.—(1) The Treasury may direct that the provisions of regulations 4 to 7 apply in relation to a person as if that person were a designated person.

(2) The Treasury may only make a direction under paragraph (1) when the conditions in paragraph (3) are satisfied and only in respect of—

(a) a person, entity or body of the Government of the Democratic People’s Republic of Korea;

(b) the Worker’s Party of Korea;

(c) a person or entity acting on behalf of or at the direction of any person, entity or body within sub-paragraph (a) or (b); or

(d) a person or entity owned or controlled by any person, entity or body within sub-paragraph (a) or (b).

(3) The conditions in this paragraph are satisfied if—

(a) funds and economic resources are likely to be made available to a person, entity or body for a purpose other than that of a diplomatic or consular mission, including a mission to the United Nations; and

(b) the Treasury consider that the person, entity or body is associated with nuclear-related, other weapons of mass destruction-related, or ballistic missile-related programmes, or other activities prohibited by the Council Regulation.

(4) A credit or financial institution falling within the scope of Article 16 of the Council Regulation must inform the Treasury if it suspects that funds or economic resources have been or are likely to be made available to any person, entity or body listed within paragraph (2)(a) to (d) for a purpose other than that of a diplomatic or consular mission, including a mission to the United Nations.

(5) Any direction made under paragraph (1) must be—

(a) published by the Treasury on their website;

(b) sent by the Treasury to one or more credit or financial institutions; or

(c) sent by the Treasury to one or more other persons.