2006 c.46.

2000 c.8. Part 4A was inserted by the Financial Services Act 2012 (c.21), section 11(2) and amended most recently by S.I. 2015/910.

Section 22 has been amended by the Financial Guidance and Claims Act 2018 (c.10), s.27(4); the Financial Services Act 2012 (c.21), s.7, and S.I. 2018/135.

S.I. 2001/544 as amended, most recently by S.I. 2017/500.

Reg. 13 not in force at made date, see reg. 1(2)

Reg. 14 not in force at made date, see reg. 1(2)

Reg. 15 not in force at made date, see reg. 1(2)

Reg. 16 not in force at made date, see reg. 1(2)

Reg. 17 not in force at made date, see reg. 1(2)

Reg. 18 not in force at made date, see reg. 1(2)

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

Reg. 20 not in force at made date, see reg. 1(2)

Reg. 21 not in force at made date, see reg. 1(2)

Reg. 22 not in force at made date, see reg. 1(2)

Reg. 23 not in force at made date, see reg. 1(2)

Reg. 24 not in force at made date, see reg. 1(2)

Reg. 25 not in force at made date, see reg. 1(2)

Reg. 26 not in force at made date, see reg. 1(2)

Reg. 27 not in force at made date, see reg. 1(2)

Reg. 28 not in force at made date, see reg. 1(2)

Reg. 29 not in force at made date, see reg. 1(2)

Reg. 30 not in force at made date, see reg. 1(2)

Reg. 31 not in force at made date, see reg. 1(2)

Reg. 32 not in force at made date, see reg. 1(2)

Reg. 33 not in force at made date, see reg. 1(2)

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

Reg. 13 in force at 31.12.2020 by S.I. 2019/627, reg. 7(2); 2020 c. 1, Sch. 5 para. 1(1)

Reg. 14 in force at 31.12.2020 by S.I. 2019/627, reg. 7(2); 2020 c. 1, Sch. 5 para. 1(1)

Reg. 15 in force at 31.12.2020 by S.I. 2019/627, reg. 7(2); 2020 c. 1, Sch. 5 para. 1(1)

Reg. 16 in force at 31.12.2020 by S.I. 2019/627, reg. 7(2); 2020 c. 1, Sch. 5 para. 1(1)

Reg. 17 in force at 31.12.2020 by S.I. 2019/627, reg. 7(2); 2020 c. 1, Sch. 5 para. 1(1)

Reg. 18 in force at 31.12.2020 by S.I. 2019/627, reg. 7(2); 2020 c. 1, Sch. 5 para. 1(1)

Reg. 20 in force at 31.12.2020 by S.I. 2019/627, reg. 7(2); 2020 c. 1, Sch. 5 para. 1(1)

Reg. 21 in force at 31.12.2020 by S.I. 2019/627, reg. 7(2); 2020 c. 1, Sch. 5 para. 1(1)

Reg. 22 in force at 31.12.2020 by S.I. 2019/627, reg. 7(2); 2020 c. 1, Sch. 5 para. 1(1)

Reg. 23 in force at 31.12.2020 by S.I. 2019/627, reg. 7(2); 2020 c. 1, Sch. 5 para. 1(1)

Reg. 24 in force at 31.12.2020 by S.I. 2019/627, reg. 7(2); 2020 c. 1, Sch. 5 para. 1(1)

Reg. 25 in force at 31.12.2020 by S.I. 2019/627, reg. 7(2); 2020 c. 1, Sch. 5 para. 1(1)

Reg. 26 in force at 31.12.2020 by S.I. 2019/627, reg. 7(2); 2020 c. 1, Sch. 5 para. 1(1)

Reg. 27 in force at 31.12.2020 by S.I. 2019/627, reg. 7(2); 2020 c. 1, Sch. 5 para. 1(1)

Reg. 28 in force at 31.12.2020 by S.I. 2019/627, reg. 7(2); 2020 c. 1, Sch. 5 para. 1(1)

Reg. 29 in force at 31.12.2020 by S.I. 2019/627, reg. 7(2); 2020 c. 1, Sch. 5 para. 1(1)

Reg. 30 in force at 31.12.2020 by S.I. 2019/627, reg. 7(2); 2020 c. 1, Sch. 5 para. 1(1)

Reg. 31 in force at 31.12.2020 by S.I. 2019/627, reg. 7(2); 2020 c. 1, Sch. 5 para. 1(1)

Reg. 32 in force at 31.12.2020 by S.I. 2019/627, reg. 7(2); 2020 c. 1, Sch. 5 para. 1(1)

Reg. 33 in force at 31.12.2020 by S.I. 2019/627, reg. 7(2); 2020 c. 1, Sch. 5 para. 1(1)

Words in reg. 26(2) substituted (31.12.2020 immediately after IP completion day) by The Sanctions (EU Exit) (Miscellaneous Amendments) (No.3) Regulations 2020 (S.I. 2020/950), regs. 1(2), 2(2)(a); S.I. 2020/1514, reg. 17

Word in reg. 26(4) inserted (31.12.2020 immediately after IP completion day) by The Sanctions (EU Exit) (Miscellaneous Amendments) (No.3) Regulations 2020 (S.I. 2020/950), regs. 1(2), 2(2)(b)(i); S.I. 2020/1514, reg. 17

Words in reg. 26(4)(a) substituted (31.12.2020 immediately after IP completion day) by The Sanctions (EU Exit) (Miscellaneous Amendments) (No.3) Regulations 2020 (S.I. 2020/950), regs. 1(2), 2(2)(b)(ii); S.I. 2020/1514, reg. 17

Words in reg. 26(4)(b) inserted (31.12.2020 immediately after IP completion day) by The Sanctions (EU Exit) (Miscellaneous Amendments) (No.3) Regulations 2020 (S.I. 2020/950), regs. 1(2), 2(2)(b)(iii); S.I. 2020/1514, reg. 17

http://www.legislation.gov.uk/uksi/2019/411/part/4The Democratic People's Republic of Korea (Sanctions) (EU Exit) Regulations 2019texttext/xmlenEXITING THE EUROPEAN UNIONSANCTIONSStatute Law Database2024-07-29Expert Participation2024-06-05These Regulations are made under the Sanctions and Anti-Money Laundering Act 2018 (c.13) to establish a sanctions regime in relation to the Democratic People's Republic of Korea (DPRK) for the purposes of implementing many of the obligations that the United Kingdom has under UN Security Council Resolution 1718 (2006), 1874 (2009), 2087 (2013), 2094 (2013), 2270 (2016), 2321 (2016), 2356 (2017), 2371(2017), 2375(2017), and 2397 (2017). They also have the purposes of restricting the ability of the DPRK to carry on its nuclear, biological or chemical weapons programmes, other weapons of mass destruction programmes and ballistic missile programmes, to promote the abandonment of those programmes and the decommissioning of the weapons, and to promote peace, security and stability on the Korean peninsula.PART 4FinanceCHAPTER 1Asset-freeze etc.13Asset-freeze in relation to designated persons1

A person (“P”) must not deal with funds or economic resources owned, held or controlled by a designated person if P knows, or has reasonable cause to suspect, that P is dealing with such funds or economic resources.

2

Paragraph (1) is subject to Part 9 (Exceptions and licences).

3

A person who contravenes the prohibition in paragraph (1) commits an offence.

4

For the purposes of paragraph (1) a person “deals with” funds if the person—

a

uses, alters, moves, transfers or allows access to the funds,

b

deals with the funds in any other way that would result in any change in volume, amount, location, ownership, possession, character or destination, or

c

makes any other change, including portfolio management, that would enable use of the funds.

5

For the purposes of paragraph (1) a person “deals with” economic resources if the person—

a

exchanges the economic resources for funds, goods or services, or

b

uses the economic resources in exchange for funds, goods or services (whether by pledging them as security or otherwise).

6

The reference in paragraph (1) to funds or economic resources that are “owned, held or controlled” by a person includes, in particular, a reference to—

a

funds or economic resources in which the person has any legal or equitable interest, regardless of whether the interest is held jointly with any other person and regardless of whether any other person holds an interest in the funds or economic resources;

b

any tangible property (other than real property), or bearer security, that is comprised in funds or economic resources and is in the possession of the person.

7

For the purposes of paragraph (1) funds or economic resources are to be treated as owned, held or controlled by a designated person if they are owned, held or controlled by a person who is owned or controlled directly or indirectly (within the meaning of regulation 7) by the designated person.

8

For the avoidance of doubt, the reference in paragraph (1) to a designated person includes P if P is a designated person.

14Making funds available to designated person1

A person (“P”) must not make funds available directly or indirectly to a designated person if P knows, or has reasonable cause to suspect, that P is making the funds so available.

2

Paragraph (1) is subject to Part 9 (Exceptions and licences).

3

A person who contravenes the prohibition in paragraph (1) commits an offence.

4

The reference in paragraph (1) to making funds available indirectly to a designated person includes, in particular, a reference to making them available to a person who is owned or controlled directly or indirectly (within the meaning of regulation 7) by the designated person.

15Making funds available for benefit of designated person1

A person (“P”) must not make funds available to any person for the benefit of a designated person if P knows, or has reasonable cause to suspect, that P is making the funds so available.

2

Paragraph (1) is subject to Part 9 (Exceptions and licences).

3

A person who contravenes the prohibition in paragraph (1) commits an offence.

4

For the purposes of this regulation—

a

funds are made available for the benefit of a designated person only if that person thereby obtains, or is able to obtain, a significant financial benefit, and

b

financial benefit” includes the discharge (or partial discharge) of a financial obligation for which the designated person is wholly or partly responsible.

16Making economic resources available to designated person1

A person (“P”) must not make economic resources available directly or indirectly to a designated person if P knows, or has reasonable cause to suspect—

a

that P is making the economic resources so available, and

b

that the designated person would be likely to exchange the economic resources for, or use them in exchange for, funds, goods or services.

2

Paragraph (1) is subject to Part 9 (Exceptions and licences).

3

A person who contravenes the prohibition in paragraph (1) commits an offence.

4

The reference in paragraph (1) to making economic resources available indirectly to a designated person includes, in particular, a reference to making them available to a person who is owned or controlled directly or indirectly (within the meaning of regulation 7) by the designated person.

17Making economic resources available for benefit of designated person1

A person (“P”) must not make economic resources available to any person for the benefit of a designated person if P knows, or has reasonable cause to suspect, that P is making the economic resources so available.

2

Paragraph (1) is subject to Part 9 (Exceptions and licences).

3

A person who contravenes the prohibition in paragraph (1) commits an offence.

4

For the purposes of paragraph (1)—

a

economic resources are made available for the benefit of a designated person only if that person thereby obtains, or is able to obtain, a significant financial benefit, and

b

financial benefit” includes the discharge (or partial discharge) of a financial obligation for which the designated person is wholly or partly responsible.

CHAPTER 2Investment, financial services and financial markets18UK credit or financial institutions: accounts and correspondent banking relationships etc.1

A UK credit or financial institution must not—

a

open a bank account with,

b

establish a correspondent banking relationship with,

c

establish a joint venture with, or

d

take an ownership interest in,

a person falling within paragraph (2), if the UK credit or financial institution knows, or has reasonable cause to suspect, that the bank account, correspondent banking relationship or joint venture is with, or the ownership interest is in, a person falling within paragraph (2).

2

The following persons fall within this paragraph—

a

a credit or financial institution domiciled in the DPRK;

b

a branch or subsidiary, wherever located, of a credit or financial institution domiciled in the DPRK;

c

a credit or financial institution that is not domiciled in the DPRK but is owned or controlled directly or indirectly (within the meaning of regulation 7) by a person domiciled in the DPRK.

3

A UK credit or financial institution must not—

a

open a representative office of that institution in the DPRK, or

b

establish a branch or subsidiary of that institution in the DPRK.

4

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

5

A person who contravenes a prohibition in paragraph (1) or (3) commits an offence.

19UK credit or financial institutions: severance of existing financial relationships1

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.

20Opening of or taking up of business by a representative office, branch or subsidiary of DPRK credit or financial institution1

A person (“P”) must not—

a

open a representative office or establish a branch or subsidiary in the United Kingdom of a person falling within regulation 18(2);

b

enter into an arrangement for, or on behalf of, a person falling within regulation 18(2) which relates to the opening of a representative office or the establishment of a branch or subsidiary in the United Kingdom, if P knows, or has reasonable cause to suspect, that the arrangement is for, or on behalf of, such a person; or

c

authorise the taking up and pursuit of business by a representative office, branch or subsidiary of a person falling within regulation 18(2), if the representative office, branch or subsidiary was not operational before 19 February 2013.

2

Paragraph (1) is subject to Part 9 (Exceptions and licences).

3

A person who contravenes a prohibition in paragraph (1) commits an offence.

21DPRK credit or financial institutions: branches, subsidiaries, and representative offices1

A person (“P”) must not operate or facilitate the operation of—

a

a branch,

b

a subsidiary, or

c

a representative office,

of a person falling within regulation 18(2) if P knows, or has reasonable cause to suspect, that the branch, subsidiary or representative office is a branch, subsidiary or representative office of such a person.

2

Paragraph (1) is subject to Part 9 (Exceptions and licences).

3

A person who contravenes a prohibition in paragraph (1) commits an offence.

22Acquisition or extension of ownership interest by a DPRK credit or financial institution1

A person falling within regulation 18(2) must not directly or indirectly acquire or extend a participation, or acquire any ownership interest, in a UK credit or financial institution.

2

Paragraph (1) is subject to Part 9 (Exceptions and licences).

3

A person who contravenes the prohibition in paragraph (1) commits an offence.

23Designated persons: closure of representative offices1

This regulation applies to a designated person which is not an individual, and which has a representative office in the United Kingdom.

2

If the person was a designated person immediately before the relevant date, the person must close the office immediately.

3

If the person was not a designated person immediately before the relevant date, the person must close the office within the period of 90 days beginning with the date on which the person became a designated person.

4

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

5

A person who fails to comply with a requirement in paragraph (2) and (3)commits an offence.

6

In this regulation, “the relevant date” means—

a

where regulations under section 56 of the Act provide that this regulation comes into force at a specified time on a day, that time on that day;

b

otherwise, the date on which this regulation comes into force.

24Business arrangements with designated persons1

A person (“P”) must not participate, directly or indirectly, in business arrangements, including joint ventures, with a person who P knows to be, or has reasonable cause to suspect is—

a

a designated person, or

b

acting on behalf of or at the direction of a designated person.

2

Paragraph (1) is subject to Part 9 (Exceptions and licences).

3

A person who contravenes the prohibition in paragraph (1) commits an offence.

25Bank accounts for diplomatic missions etc.1

A UK credit or financial institution must not open a bank account for—

a

a diplomatic mission or consular post of the DPRK, or

b

a national of the DPRK who is a member of a diplomatic mission or consular post of the DPRK.

2

Paragraph (1) is subject to Part 9 (Exceptions and licences).

3

A person who contravenes the prohibition in paragraph (1) commits an offence.

26Investment and commercial activities1

A person (“P”) must not accept or approve investment in a commercial activity which P knows, or has reasonable cause to suspect, is investment made by—

a

the Government of the DPRK or any member of that Government;

b

the Worker's Party of Korea;

c

a national of the DPRK;

d

a person, other than an individual, which is incorporated or constituted under the law of the DPRK;

e

a person acting on behalf of or at the direction of a person falling within any of sub-paragraphs (a) to (d); or

f

a person, other than an individual, which is owned or controlled directly or indirectly (within the meaning of regulation 7) by a person falling within any of sub-paragraphs (a) to (d).

2

A person (“P”) must not directly or indirectly provide financial services to, or make funds available to, any person falling within paragraph 1(a), (b) or (d) to (f) if P knows, or has reasonable cause to suspect, that P is so providing the financial services or making the funds so available.

3

A person (“P”) must not establish, maintain or operate a joint venture or a co-operative entity with—

a

a person falling within paragraph (1)(a) to (f), or

b

a person, other than an individual, which is domiciled in the DPRK,

if P knows or has reasonable cause to suspect that P is so doing.

4

A person (“P”) must not take, acquire , maintain or extend any ownership interest in—

a

a person falling within paragraph 1(a), (b) or (d) to (f), or

b

a person , other than an individual, which is domiciled in the DPRK,

if P knows or has reasonable cause to suspect that P is so doing.

5

A person (“P”) must not take, acquire, maintain or extend any ownership interest in activities or assets in the DPRK if P knows, or has reasonable cause, to suspect that P is so doing.

6

A person (“P”) must not provide financial services directly or indirectly related to any activity that is prohibited by paragraphs (2) to (5) if P knows, or has reasonable cause to suspect, that P is so doing.

7

Subject to paragraph (8), a person must close any joint ventures or co-operative entities with a person falling within paragraph (1)(a) to (f) or with a person, other than an individual, which is domiciled in the DPRK.

8

Where a person has directly or indirectly requested approval for a joint venture or co-operative entity from the Committee, that person is not obliged to close that joint venture or co-operative entity—

a

while no decision has yet been taken by the Committee, or

b

if the Committee has denied the request for approval, until the end of the period of 120 days beginning with the date on which the Committee denied the request.

9

Paragraphs (1) to (7) are subject to Part 9 (Exceptions and licences).

10

A person who contravenes a prohibition in paragraphs (1) to (6) commits an offence.

11

A person who fails to comply with the requirement in paragraph (7) commits an offence.

27Land1

A person (“P”) must not—

a

lease, or otherwise make available, land, directly or indirectly, to the Government of the DPRK, any member of that Government or any person who P knows, or has reasonable cause to suspect, to be acting on its behalf;

b

lease land, directly or indirectly, from the Government of the DPRK, any member of that Government or any person who P knows, or has reasonable cause to suspect, to be acting on its behalf;

c

engage in any activity linked to the use of land that the Government of the DPRK, any member of that Government or any person who P knows, or has reasonable cause to suspect, to be acting on its behalf owns, leases or is otherwise entitled to use.

2

Paragraph (1) is subject to Part 9 (Exceptions and licences).

3

A person who contravenes a prohibition in paragraph (1) commits an offence.

28Transfers of funds etc.1

A person must not make or receive a transfer of funds which that person knows or has reasonable cause to suspect is a transfer of funds to or from the DPRK.

2

A UK credit or financial institution must not enter into, or continue to participate in, any transaction with a person who the institution knows or has reasonable cause to suspect to be a person falling within regulation 18(2).

3

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

4

A person who contravenes a prohibition in paragraph (1) or (2) commits an offence.

5

In this regulation the reference to a transfer of funds includes the clearing of funds.

29Insurance and reinsurance services in relation to ships1

A person (“P”) must not provide insurance or reinsurance services in relation to a ship if P knows, or has reasonable cause to suspect, that P is providing such services in relation to a ship that is—

a

owned, controlled or operated by a person connected with the DPRK;

b

a specified ship;

c

a ship registered in the DPRK, or

d

a ship flying the flag of the DPRK.

2

Paragraph (1) is subject to Part 9 (Exceptions and licences).

3

A person who contravenes the prohibition in paragraph (1) commits an offence.

4

For the purposes of paragraph (1), the reference to a ship being “owned” or “controlled” by a person is to be interpreted in accordance with regulation 80.

5

In this regulation—

ship” includes every description of vessel (including a hovercraft) used in navigation;

specified ship” means a ship specified by the Secretary of State under regulation 11(1) or (2).

30Sale or purchase of bonds1

A person (“P”) must not directly or indirectly—

a

sell to a person falling within paragraph (4), or

b

purchase from such a person,

public bonds or public-guaranteed bonds issued after 19 February 2013 if P knows, or has reasonable cause to suspect, that the sale or purchase of such bonds is directly or indirectly to or from such a person.

2

A person (“P”) must not provide brokering services to a person falling within paragraph (4) in respect of public bonds or public-guaranteed bonds issued after 19 February 2013, if P knows, or has reasonable cause to suspect, that the person falls within paragraph (4).

3

A person (“P”) must not provide—

a

brokering services,

b

advertising services, or

c

any other services,

if P knows, or has reasonable cause to suspect, that the provision of the services assists a person falling within paragraph (4) to issue public bonds or public-guaranteed bonds.

4

The following persons fall within this paragraph—

a

the Government of the DPRK;

b

the Central Bank of the DPRK;

c

a person falling within regulation 18(2) (DPRK credit or financial institutions etc.);

d

a person acting on behalf of or at the direction of a person falling within sub-paragraph (a) or (b);

e

a person, other than an individual, which is owned or controlled directly or indirectly (within the meaning of regulation 7) by a person falling within any of sub-paragraphs (a) to (c).

5

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

6

A person who contravenes a prohibition in paragraph (1), (2) or (3) commits an offence.

CHAPTER 3Interpretation and further provision31Circumventing etc. prohibitions1

A person must not intentionally participate in activities knowing that the object or effect of them is, whether directly or indirectly—

a

to circumvent any of the prohibitions in Chapter 1 or 2 of this Part, or

b

to enable or facilitate the contravention of any such prohibition.

2

A person who contravenes a prohibition in paragraph (1) commits an offence.

32Meaning of “designated person” in Part 4

In this Part a “designated person” means—

a

a person who is designated under regulation 5 for the purposes of—

i

regulations 13 to 17 (asset-freeze etc.), and

ii

regulations 23 (closure of representative offices) and 24 (business arrangements with designated persons), or

b

a person who is a designated person for the purposes of those regulations by reason of regulation 10.

33Interpretation of Part 41

In this Part—

branch” means—

a

in relation to a UK credit or financial institution, a place of business which forms a legally dependent part of that institution and which carries out all or some of the transactions inherent in the business of that institution, or

b

in relation to a credit or financial institution domiciled in the DPRK, a place of business which forms a legally dependent part of that institution and which carries out all or some of the transactions inherent in the business of that institution;

credit or financial institution domiciled in the DPRK” means—

a

a person, other than an individual, which is domiciled in the DPRK and which would satisfy the threshold conditions for permission under Part 4A of the Financial Services and Markets Act 2000 if it had its registered office (or if it does not have one, its head office) in the United Kingdom; or

b

an undertaking domiciled in the DPRK which by way of business—

i

operates a currency exchange office,

ii

transmits money (or any representation of monetary value) by any means, or

iii

cashes cheques that are made payable to customers;

subsidiary” has the meaning given by section 1159 of the Companies Act 2006 ;

UK credit or financial institution” means—

a

a person that has permission under Part 4A of the Financial Services and Markets Act 2000 (permission to carry on regulated activity); or

b

an undertaking which by way of business—

i

operates a currency exchange office,

ii

transmits money (or any representation of monetary value) by any means, or

iii

cashes cheques that are made payable to customers.

2

In paragraph (1), the definitions of—

a

“credit or financial institution domiciled in the DPRK”, and

b

“UK credit or financial institution”,

are to be read with section 22 of the Financial Services and Markets Act 2000 , any relevant order under that section and Schedule 2 to that Act.

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<textualMod type="substitution" eId="mod-key-e25ad6354d54830e3485054b8d30c147-1636725496358">
<source href="#key-e25ad6354d54830e3485054b8d30c147"/>
<destination href="#regulation-26-2"/>
</textualMod>
<textualMod type="insertion" eId="mod-key-c70b39ae8b62225daea4b0fccad5dfa6-1636725625677">
<source href="#key-c70b39ae8b62225daea4b0fccad5dfa6"/>
<destination href="#regulation-26-4"/>
</textualMod>
<textualMod type="substitution" eId="mod-key-74f748755ea6bc7128a885b3e72ee48c-1636725940821">
<source href="#key-74f748755ea6bc7128a885b3e72ee48c"/>
<destination href="#regulation-26-4-a"/>
</textualMod>
<textualMod type="insertion" eId="mod-key-b280157167a425b71476242c78167c83-1636725990621">
<source href="#key-b280157167a425b71476242c78167c83"/>
<destination href="#regulation-26-4-b"/>
</textualMod>
</passiveModifications>
<restrictions source="#source">
<restriction refersTo="#e+w+s+ni" type="jurisdiction"/>
<restriction href="#body" refersTo="#e+w+s+ni" type="jurisdiction"/>
<restriction href="#regulation-13" refersTo="#e+w+s+ni" type="jurisdiction"/>
<restriction href="#regulation-14" refersTo="#e+w+s+ni" type="jurisdiction"/>
<restriction href="#regulation-15" refersTo="#e+w+s+ni" type="jurisdiction"/>
<restriction href="#regulation-16" refersTo="#e+w+s+ni" type="jurisdiction"/>
<restriction href="#regulation-17" refersTo="#e+w+s+ni" type="jurisdiction"/>
<restriction href="#regulation-18" refersTo="#e+w+s+ni" type="jurisdiction"/>
<restriction href="#regulation-19" refersTo="#e+w+s+ni" type="jurisdiction"/>
<restriction href="#regulation-20" refersTo="#e+w+s+ni" type="jurisdiction"/>
<restriction href="#regulation-21" refersTo="#e+w+s+ni" type="jurisdiction"/>
<restriction href="#regulation-22" refersTo="#e+w+s+ni" type="jurisdiction"/>
<restriction href="#regulation-23" refersTo="#e+w+s+ni" type="jurisdiction"/>
<restriction href="#regulation-24" refersTo="#e+w+s+ni" type="jurisdiction"/>
<restriction href="#regulation-25" refersTo="#e+w+s+ni" type="jurisdiction"/>
<restriction href="#regulation-26" refersTo="#e+w+s+ni" type="jurisdiction"/>
<restriction href="#regulation-27" refersTo="#e+w+s+ni" type="jurisdiction"/>
<restriction href="#regulation-28" refersTo="#e+w+s+ni" type="jurisdiction"/>
<restriction href="#regulation-29" refersTo="#e+w+s+ni" type="jurisdiction"/>
<restriction href="#regulation-30" refersTo="#e+w+s+ni" type="jurisdiction"/>
<restriction href="#regulation-31" refersTo="#e+w+s+ni" type="jurisdiction"/>
<restriction href="#regulation-32" refersTo="#e+w+s+ni" type="jurisdiction"/>
<restriction href="#regulation-33" refersTo="#e+w+s+ni" type="jurisdiction"/>
<restriction href="#part-4" refersTo="#e+w+s+ni" type="jurisdiction"/>
<restriction href="#part-4-chapter-1" refersTo="#e+w+s+ni" type="jurisdiction"/>
<restriction href="#part-4-chapter-2" refersTo="#e+w+s+ni" type="jurisdiction"/>
<restriction href="#part-4-chapter-3" refersTo="#e+w+s+ni" type="jurisdiction"/>
</restrictions>
</analysis>
<temporalData source="#source">
<temporalGroup eId="period1">
<timeInterval start="#effective-date-1" refersTo="#period-concept1"/>
</temporalGroup>
<temporalGroup eId="period2">
<timeInterval start="#effective-date-2" refersTo="#period-concept2"/>
</temporalGroup>
<temporalGroup eId="period3">
<timeInterval start="#effective-date-3" refersTo="#period-concept3"/>
</temporalGroup>
</temporalData>
<references source="#source">
<TLCOrganization eId="source" href="http://www.legislation.gov.uk/id/publisher/StatuteLawDatabase" showAs="Statute Law Database"/>
<TLCLocation eId="e+w+s+ni" href="/ontology/jurisdictions/uk.EnglandWalesScotlandNorthernIreland" showAs="England, Wales, Scotland, Northern Ireland"/>
<TLCTerm eId="term-financial-benefit" href="/ontology/term/uk.financial-benefit" showAs="financial benefit"/>
<TLCTerm eId="term-the-relevant-date" href="/ontology/term/uk.the-relevant-date" showAs="the relevant date"/>
<TLCTerm eId="term-ship" href="/ontology/term/uk.ship" showAs="ship"/>
<TLCTerm eId="term-specified-ship" href="/ontology/term/uk.specified-ship" showAs="specified ship"/>
<TLCTerm eId="term-designated-person" href="/ontology/term/uk.designated-person" showAs="designated person"/>
<TLCTerm eId="term-branch" href="/ontology/term/uk.branch" showAs="branch"/>
<TLCTerm eId="term-credit-or-financial-institution-domiciled-in-the-dprk" href="/ontology/term/uk.credit-or-financial-institution-domiciled-in-the-dprk" showAs="credit or financial institution domiciled in the DPRK"/>
<TLCTerm eId="term-subsidiary" href="/ontology/term/uk.subsidiary" showAs="subsidiary"/>
<TLCTerm eId="term-uk-credit-or-financial-institution" href="/ontology/term/uk.uk-credit-or-financial-institution" showAs="UK credit or financial institution"/>
<TLCConcept eId="period-concept1" href="/ontology/time/2019.03.25" showAs="since 2019-03-25"/>
<TLCConcept eId="period-concept2" href="/ontology/time/2020.12.31" showAs="since 2020-12-31"/>
<TLCConcept eId="period-concept3" href="/ontology/time/2024.06.05" showAs="since 2024-06-05"/>
</references>
<notes source="#source">
<note class="commentary M" eId="c23636441">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/2006/46">2006 c.46</ref>
.
</p>
</note>
<note class="commentary M" eId="c23636451">
<p>
<ref href="http://www.legislation.gov.uk/id/ukpga/2000/8">2000 c.8</ref>
. Part 4A was inserted by the
<ref href="http://www.legislation.gov.uk/id/ukpga/2012/21">Financial Services Act 2012 (c.21)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2012/21/section/11/2">section 11(2)</ref>
and amended most recently by
<ref href="http://www.legislation.gov.uk/id/uksi/2015/910">S.I. 2015/910</ref>
.
</p>
</note>
<note class="commentary M" eId="c23636461">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2019/411/section/22">Section 22</ref>
has been amended by the
<ref href="http://www.legislation.gov.uk/id/ukpga/2018/10">Financial Guidance and Claims Act 2018 (c.10)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2018/10/section/27/4">s.27(4)</ref>
; the
<ref href="http://www.legislation.gov.uk/id/ukpga/2012/21">Financial Services Act 2012 (c.21)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2012/21/section/7">s.7</ref>
, and
<ref href="http://www.legislation.gov.uk/id/uksi/2018/135">S.I. 2018/135</ref>
.
</p>
</note>
<note class="commentary M" eId="c23636471">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2001/544">S.I. 2001/544</ref>
as amended, most recently by
<ref href="http://www.legislation.gov.uk/id/uksi/2017/500">S.I. 2017/500</ref>
.
</p>
</note>
<note class="commentary I" eId="key-26a2d0e69d7361d6c523c2228bc67ce8">
<p>
Reg. 13 not in force at made date, see
<ref href="http://www.legislation.gov.uk/id/uksi/2019/411/regulation/1/2">reg. 1(2)</ref>
</p>
</note>
<note class="commentary I" eId="key-f7f2f2bf320a036e4713e639681dd2d4">
<p>
Reg. 14 not in force at made date, see
<ref href="http://www.legislation.gov.uk/id/uksi/2019/411/regulation/1/2">reg. 1(2)</ref>
</p>
</note>
<note class="commentary I" eId="key-ba8c9d16ca5fa36883ab3b0b0527c8d8">
<p>
Reg. 15 not in force at made date, see
<ref href="http://www.legislation.gov.uk/id/uksi/2019/411/regulation/1/2">reg. 1(2)</ref>
</p>
</note>
<note class="commentary I" eId="key-162c3472eac6558362c13a082ec9ce6b">
<p>
Reg. 16 not in force at made date, see
<ref href="http://www.legislation.gov.uk/id/uksi/2019/411/regulation/1/2">reg. 1(2)</ref>
</p>
</note>
<note class="commentary I" eId="key-483ea85e74db69cedf057d76b947ed76">
<p>
Reg. 17 not in force at made date, see
<ref href="http://www.legislation.gov.uk/id/uksi/2019/411/regulation/1/2">reg. 1(2)</ref>
</p>
</note>
<note class="commentary I" eId="key-90c44ab8e5889f72d13f18547d6d518a">
<p>
Reg. 18 not in force at made date, see
<ref href="http://www.legislation.gov.uk/id/uksi/2019/411/regulation/1/2">reg. 1(2)</ref>
</p>
</note>
<note class="commentary I" eId="key-acd365f628a51f72bd554c8269b057f4">
<p>
Reg. 19 not in force at made date, see
<ref href="http://www.legislation.gov.uk/id/uksi/2019/411/regulation/1/2">reg. 1(2)</ref>
</p>
</note>
<note class="commentary I" eId="key-08bdc320cfdf4d4436048211cd3fcbec">
<p>
Reg. 20 not in force at made date, see
<ref href="http://www.legislation.gov.uk/id/uksi/2019/411/regulation/1/2">reg. 1(2)</ref>
</p>
</note>
<note class="commentary I" eId="key-489c44e915001cde70984aaedd37c9af">
<p>
Reg. 21 not in force at made date, see
<ref href="http://www.legislation.gov.uk/id/uksi/2019/411/regulation/1/2">reg. 1(2)</ref>
</p>
</note>
<note class="commentary I" eId="key-5b9ade225c06ddbb89d5d429ad233ed2">
<p>
Reg. 22 not in force at made date, see
<ref href="http://www.legislation.gov.uk/id/uksi/2019/411/regulation/1/2">reg. 1(2)</ref>
</p>
</note>
<note class="commentary I" eId="key-411256ea87d6c73bbb282793705df704">
<p>
Reg. 23 not in force at made date, see
<ref href="http://www.legislation.gov.uk/id/uksi/2019/411/regulation/1/2">reg. 1(2)</ref>
</p>
</note>
<note class="commentary I" eId="key-28eeabfc631d9d876de261b1f7371e49">
<p>
Reg. 24 not in force at made date, see
<ref href="http://www.legislation.gov.uk/id/uksi/2019/411/regulation/1/2">reg. 1(2)</ref>
</p>
</note>
<note class="commentary I" eId="key-6e1a3bf73efaf767c0acb6f1217a58a8">
<p>
Reg. 25 not in force at made date, see
<ref href="http://www.legislation.gov.uk/id/uksi/2019/411/regulation/1/2">reg. 1(2)</ref>
</p>
</note>
<note class="commentary I" eId="key-d690eb8e0b7d267aec3a039c77f4d324">
<p>
Reg. 26 not in force at made date, see
<ref href="http://www.legislation.gov.uk/id/uksi/2019/411/regulation/1/2">reg. 1(2)</ref>
</p>
</note>
<note class="commentary I" eId="key-edff0aa758e638e04222ee324d77f6ac">
<p>
Reg. 27 not in force at made date, see
<ref href="http://www.legislation.gov.uk/id/uksi/2019/411/regulation/1/2">reg. 1(2)</ref>
</p>
</note>
<note class="commentary I" eId="key-b20bab7793a23a95fc6c2274640fc476">
<p>
Reg. 28 not in force at made date, see
<ref href="http://www.legislation.gov.uk/id/uksi/2019/411/regulation/1/2">reg. 1(2)</ref>
</p>
</note>
<note class="commentary I" eId="key-d20886db8a78bcf267080a7f4a64ced1">
<p>
Reg. 29 not in force at made date, see
<ref href="http://www.legislation.gov.uk/id/uksi/2019/411/regulation/1/2">reg. 1(2)</ref>
</p>
</note>
<note class="commentary I" eId="key-5de95c584b90e17fd1789706bd5f8156">
<p>
Reg. 30 not in force at made date, see
<ref href="http://www.legislation.gov.uk/id/uksi/2019/411/regulation/1/2">reg. 1(2)</ref>
</p>
</note>
<note class="commentary I" eId="key-1073ac6d6b234d504d15c3c4d01a0e9b">
<p>
Reg. 31 not in force at made date, see
<ref href="http://www.legislation.gov.uk/id/uksi/2019/411/regulation/1/2">reg. 1(2)</ref>
</p>
</note>
<note class="commentary I" eId="key-5ad97241bab0ba5843db7ae5d2c3ea3e">
<p>
Reg. 32 not in force at made date, see
<ref href="http://www.legislation.gov.uk/id/uksi/2019/411/regulation/1/2">reg. 1(2)</ref>
</p>
</note>
<note class="commentary I" eId="key-9c9e6ab9b2fb6f026962d519dab5b8d9">
<p>
Reg. 33 not in force at made date, see
<ref href="http://www.legislation.gov.uk/id/uksi/2019/411/regulation/1/2">reg. 1(2)</ref>
</p>
</note>
<note class="commentary I" eId="key-dd0a2f3667716ec21d9002647a0ba615">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2019/411/regulation/19">Reg. 19</ref>
in force at 25.3.2019 by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/627">S.I. 2019/627</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/627/regulation/7/1/i">reg. 7(1)(i)</ref>
</p>
</note>
<note class="commentary I" eId="key-c9d2f5cbf30a4c41e1dd3f4ba3f011b3">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2019/411/regulation/13">Reg. 13</ref>
in force at 31.12.2020 by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/627">S.I. 2019/627</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/627/regulation/7/2">reg. 7(2)</ref>
;
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note class="commentary I" eId="key-8f46c96a63cdb2d37393767d177bc13e">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2019/411/regulation/14">Reg. 14</ref>
in force at 31.12.2020 by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/627">S.I. 2019/627</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/627/regulation/7/2">reg. 7(2)</ref>
;
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note class="commentary I" eId="key-19a85dc511f63c4cfa54a0144e016d75">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2019/411/regulation/15">Reg. 15</ref>
in force at 31.12.2020 by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/627">S.I. 2019/627</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/627/regulation/7/2">reg. 7(2)</ref>
;
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note class="commentary I" eId="key-ac2db525d940004a338cc5aef0b1eb4b">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2019/411/regulation/16">Reg. 16</ref>
in force at 31.12.2020 by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/627">S.I. 2019/627</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/627/regulation/7/2">reg. 7(2)</ref>
;
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note class="commentary I" eId="key-8f2abbe663895578dec95c7f31216637">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2019/411/regulation/17">Reg. 17</ref>
in force at 31.12.2020 by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/627">S.I. 2019/627</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/627/regulation/7/2">reg. 7(2)</ref>
;
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note class="commentary I" eId="key-70fd4c75a56cb7cc2473f9ce8355dc02">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2019/411/regulation/18">Reg. 18</ref>
in force at 31.12.2020 by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/627">S.I. 2019/627</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/627/regulation/7/2">reg. 7(2)</ref>
;
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note class="commentary I" eId="key-9e558c73994b6dabc78877e61b2c8234">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2019/411/regulation/20">Reg. 20</ref>
in force at 31.12.2020 by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/627">S.I. 2019/627</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/627/regulation/7/2">reg. 7(2)</ref>
;
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note class="commentary I" eId="key-d24b8baef6b3f23e3bd147923c7146a0">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2019/411/regulation/21">Reg. 21</ref>
in force at 31.12.2020 by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/627">S.I. 2019/627</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/627/regulation/7/2">reg. 7(2)</ref>
;
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note class="commentary I" eId="key-4ac2582d5ee6a4c144d28f7218a8f65f">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2019/411/regulation/22">Reg. 22</ref>
in force at 31.12.2020 by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/627">S.I. 2019/627</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/627/regulation/7/2">reg. 7(2)</ref>
;
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note class="commentary I" eId="key-c8a231bdfee4d6405e4165304272ae76">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2019/411/regulation/23">Reg. 23</ref>
in force at 31.12.2020 by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/627">S.I. 2019/627</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/627/regulation/7/2">reg. 7(2)</ref>
;
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note class="commentary I" eId="key-ba561b88a5cd5a541da74c890193924c">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2019/411/regulation/24">Reg. 24</ref>
in force at 31.12.2020 by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/627">S.I. 2019/627</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/627/regulation/7/2">reg. 7(2)</ref>
;
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note class="commentary I" eId="key-64246d4128ca4f0183aa55ba69fa4835">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2019/411/regulation/25">Reg. 25</ref>
in force at 31.12.2020 by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/627">S.I. 2019/627</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/627/regulation/7/2">reg. 7(2)</ref>
;
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note class="commentary I" eId="key-9d19da82b25f8da2e8691715cf6a7f0c">
<p>
Reg. 26 in force at 31.12.2020 by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/627">S.I. 2019/627</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/627/regulation/7/2">reg. 7(2)</ref>
;
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note class="commentary I" eId="key-502e18db3dc6d3c8ff6fdc08a08b23d0">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2019/411/regulation/27">Reg. 27</ref>
in force at 31.12.2020 by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/627">S.I. 2019/627</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/627/regulation/7/2">reg. 7(2)</ref>
;
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note class="commentary I" eId="key-ec5b2d167ce5fc9c66cfbc60b38721b3">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2019/411/regulation/28">Reg. 28</ref>
in force at 31.12.2020 by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/627">S.I. 2019/627</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/627/regulation/7/2">reg. 7(2)</ref>
;
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note class="commentary I" eId="key-004b52357856daf19199f1bf1fb7842d">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2019/411/regulation/29">Reg. 29</ref>
in force at 31.12.2020 by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/627">S.I. 2019/627</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/627/regulation/7/2">reg. 7(2)</ref>
;
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note class="commentary I" eId="key-607cac1d2a822b2e4ba57511d3efda05">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2019/411/regulation/30">Reg. 30</ref>
in force at 31.12.2020 by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/627">S.I. 2019/627</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/627/regulation/7/2">reg. 7(2)</ref>
;
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note class="commentary I" eId="key-609b80fbc3970b8c1ee2e51e6f426556">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2019/411/regulation/31">Reg. 31</ref>
in force at 31.12.2020 by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/627">S.I. 2019/627</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/627/regulation/7/2">reg. 7(2)</ref>
;
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note class="commentary I" eId="key-4048b8e82198d03d70c5d24907d06c87">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2019/411/regulation/32">Reg. 32</ref>
in force at 31.12.2020 by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/627">S.I. 2019/627</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/627/regulation/7/2">reg. 7(2)</ref>
;
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note class="commentary I" eId="key-e7bcef558f5bf0b67d3ea2a808fa3527">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2019/411/regulation/33">Reg. 33</ref>
in force at 31.12.2020 by
<ref href="http://www.legislation.gov.uk/id/uksi/2019/627">S.I. 2019/627</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2019/627/regulation/7/2">reg. 7(2)</ref>
;
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
</p>
</note>
<note class="commentary F" eId="key-e25ad6354d54830e3485054b8d30c147">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/uksi/2019/411/regulation/26/2">reg. 26(2)</ref>
substituted (31.12.2020 immediately after IP completion day) by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/950">The Sanctions (EU Exit) (Miscellaneous Amendments) (No.3) Regulations 2020 (S.I. 2020/950)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/950/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/950/regulation/2/2/a">2(2)(a)</ref>
;
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1514">S.I. 2020/1514</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1514/regulation/17">reg. 17</ref>
</p>
</note>
<note class="commentary F" eId="key-c70b39ae8b62225daea4b0fccad5dfa6">
<p>
Word in
<ref href="http://www.legislation.gov.uk/id/uksi/2019/411/regulation/26/4">reg. 26(4)</ref>
inserted (31.12.2020 immediately after IP completion day) by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/950">The Sanctions (EU Exit) (Miscellaneous Amendments) (No.3) Regulations 2020 (S.I. 2020/950)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/950/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/950/regulation/2/2/b/i">2(2)(b)(i)</ref>
;
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1514">S.I. 2020/1514</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1514/regulation/17">reg. 17</ref>
</p>
</note>
<note class="commentary F" eId="key-74f748755ea6bc7128a885b3e72ee48c">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/uksi/2019/411/regulation/26/4/a">reg. 26(4)(a)</ref>
substituted (31.12.2020 immediately after IP completion day) by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/950">The Sanctions (EU Exit) (Miscellaneous Amendments) (No.3) Regulations 2020 (S.I. 2020/950)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/950/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/950/regulation/2/2/b/ii">2(2)(b)(ii)</ref>
;
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1514">S.I. 2020/1514</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1514/regulation/17">reg. 17</ref>
</p>
</note>
<note class="commentary F" eId="key-b280157167a425b71476242c78167c83">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/uksi/2019/411/regulation/26/4/b">reg. 26(4)(b)</ref>
inserted (31.12.2020 immediately after IP completion day) by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/950">The Sanctions (EU Exit) (Miscellaneous Amendments) (No.3) Regulations 2020 (S.I. 2020/950)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/950/regulation/1/2">regs. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/950/regulation/2/2/b/iii">2(2)(b)(iii)</ref>
;
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1514">S.I. 2020/1514</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1514/regulation/17">reg. 17</ref>
</p>
</note>
</notes>
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<dc:subject scheme="SIheading">EXITING THE EUROPEAN UNION</dc:subject>
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<dc:description>These Regulations are made under the Sanctions and Anti-Money Laundering Act 2018 (c.13) to establish a sanctions regime in relation to the Democratic People's Republic of Korea (DPRK) for the purposes of implementing many of the obligations that the United Kingdom has under UN Security Council Resolution 1718 (2006), 1874 (2009), 2087 (2013), 2094 (2013), 2270 (2016), 2321 (2016), 2356 (2017), 2371(2017), 2375(2017), and 2397 (2017). They also have the purposes of restricting the ability of the DPRK to carry on its nuclear, biological or chemical weapons programmes, other weapons of mass destruction programmes and ballistic missile programmes, to promote the abandonment of those programmes and the decommissioning of the weapons, and to promote peace, security and stability on the Korean peninsula.</dc:description>
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<num>
<strong>PART 4</strong>
</num>
<heading>Finance</heading>
<chapter eId="part-4-chapter-1" period="#period2">
<num>CHAPTER 1</num>
<heading>Asset-freeze etc.</heading>
<hcontainer name="regulation" eId="regulation-13" period="#period2">
<num>
<noteRef href="#key-26a2d0e69d7361d6c523c2228bc67ce8" marker="I1" class="commentary I"/>
<noteRef href="#key-c9d2f5cbf30a4c41e1dd3f4ba3f011b3" marker="I23" class="commentary I"/>
13
</num>
<heading>Asset-freeze in relation to designated persons</heading>
<paragraph eId="regulation-13-1">
<num>1</num>
<content>
<p>A person (“P”) must not deal with funds or economic resources owned, held or controlled by a designated person if P knows, or has reasonable cause to suspect, that P is dealing with such funds or economic resources.</p>
</content>
</paragraph>
<paragraph eId="regulation-13-2">
<num>2</num>
<content>
<p>Paragraph (1) is subject to Part 9 (Exceptions and licences).</p>
</content>
</paragraph>
<paragraph eId="regulation-13-3">
<num>3</num>
<content>
<p>A person who contravenes the prohibition in paragraph (1) commits an offence.</p>
</content>
</paragraph>
<paragraph eId="regulation-13-4">
<num>4</num>
<intro>
<p>For the purposes of paragraph (1) a person “deals with” funds if the person—</p>
</intro>
<subparagraph eId="regulation-13-4-a">
<num>a</num>
<content>
<p>uses, alters, moves, transfers or allows access to the funds,</p>
</content>
</subparagraph>
<subparagraph eId="regulation-13-4-b">
<num>b</num>
<content>
<p>deals with the funds in any other way that would result in any change in volume, amount, location, ownership, possession, character or destination, or</p>
</content>
</subparagraph>
<subparagraph eId="regulation-13-4-c">
<num>c</num>
<content>
<p>makes any other change, including portfolio management, that would enable use of the funds.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-13-5">
<num>5</num>
<intro>
<p>For the purposes of paragraph (1) a person “deals with” economic resources if the person—</p>
</intro>
<subparagraph eId="regulation-13-5-a">
<num>a</num>
<content>
<p>exchanges the economic resources for funds, goods or services, or</p>
</content>
</subparagraph>
<subparagraph eId="regulation-13-5-b">
<num>b</num>
<content>
<p>uses the economic resources in exchange for funds, goods or services (whether by pledging them as security or otherwise).</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-13-6">
<num>6</num>
<intro>
<p>The reference in paragraph (1) to funds or economic resources that are “owned, held or controlled” by a person includes, in particular, a reference to—</p>
</intro>
<subparagraph eId="regulation-13-6-a">
<num>a</num>
<content>
<p>funds or economic resources in which the person has any legal or equitable interest, regardless of whether the interest is held jointly with any other person and regardless of whether any other person holds an interest in the funds or economic resources;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-13-6-b">
<num>b</num>
<content>
<p>any tangible property (other than real property), or bearer security, that is comprised in funds or economic resources and is in the possession of the person.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-13-7">
<num>7</num>
<content>
<p>For the purposes of paragraph (1) funds or economic resources are to be treated as owned, held or controlled by a designated person if they are owned, held or controlled by a person who is owned or controlled directly or indirectly (within the meaning of regulation 7) by the designated person.</p>
</content>
</paragraph>
<paragraph eId="regulation-13-8">
<num>8</num>
<content>
<p>For the avoidance of doubt, the reference in paragraph (1) to a designated person includes P if P is a designated person.</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-14" period="#period2">
<num>
<noteRef href="#key-f7f2f2bf320a036e4713e639681dd2d4" marker="I2" class="commentary I"/>
<noteRef href="#key-8f46c96a63cdb2d37393767d177bc13e" marker="I24" class="commentary I"/>
14
</num>
<heading>Making funds available to designated person</heading>
<paragraph eId="regulation-14-1">
<num>1</num>
<content>
<p>A person (“P”) must not make funds available directly or indirectly to a designated person if P knows, or has reasonable cause to suspect, that P is making the funds so available.</p>
</content>
</paragraph>
<paragraph eId="regulation-14-2">
<num>2</num>
<content>
<p>Paragraph (1) is subject to Part 9 (Exceptions and licences).</p>
</content>
</paragraph>
<paragraph eId="regulation-14-3">
<num>3</num>
<content>
<p>A person who contravenes the prohibition in paragraph (1) commits an offence.</p>
</content>
</paragraph>
<paragraph eId="regulation-14-4">
<num>4</num>
<content>
<p>The reference in paragraph (1) to making funds available indirectly to a designated person includes, in particular, a reference to making them available to a person who is owned or controlled directly or indirectly (within the meaning of regulation 7) by the designated person.</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-15" period="#period2">
<num>
<noteRef href="#key-ba8c9d16ca5fa36883ab3b0b0527c8d8" marker="I3" class="commentary I"/>
<noteRef href="#key-19a85dc511f63c4cfa54a0144e016d75" marker="I25" class="commentary I"/>
15
</num>
<heading>Making funds available for benefit of designated person</heading>
<paragraph eId="regulation-15-1">
<num>1</num>
<content>
<p>A person (“P”) must not make funds available to any person for the benefit of a designated person if P knows, or has reasonable cause to suspect, that P is making the funds so available.</p>
</content>
</paragraph>
<paragraph eId="regulation-15-2">
<num>2</num>
<content>
<p>Paragraph (1) is subject to Part 9 (Exceptions and licences).</p>
</content>
</paragraph>
<paragraph eId="regulation-15-3">
<num>3</num>
<content>
<p>A person who contravenes the prohibition in paragraph (1) commits an offence.</p>
</content>
</paragraph>
<paragraph eId="regulation-15-4">
<num>4</num>
<intro>
<p>For the purposes of this regulation—</p>
</intro>
<subparagraph eId="regulation-15-4-a">
<num>a</num>
<content>
<p>funds are made available for the benefit of a designated person only if that person thereby obtains, or is able to obtain, a significant financial benefit, and</p>
</content>
</subparagraph>
<subparagraph eId="regulation-15-4-b">
<num>b</num>
<content>
<p>
<term refersTo="#term-financial-benefit">financial benefit</term>
” includes the discharge (or partial discharge) of a financial obligation for which the designated person is wholly or partly responsible.
</p>
</content>
</subparagraph>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-16" period="#period2">
<num>
<noteRef href="#key-162c3472eac6558362c13a082ec9ce6b" marker="I4" class="commentary I"/>
<noteRef href="#key-ac2db525d940004a338cc5aef0b1eb4b" marker="I26" class="commentary I"/>
16
</num>
<heading>Making economic resources available to designated person</heading>
<paragraph eId="regulation-16-1">
<num>1</num>
<intro>
<p>A person (“P”) must not make economic resources available directly or indirectly to a designated person if P knows, or has reasonable cause to suspect—</p>
</intro>
<subparagraph eId="regulation-16-1-a">
<num>a</num>
<content>
<p>that P is making the economic resources so available, and</p>
</content>
</subparagraph>
<subparagraph eId="regulation-16-1-b">
<num>b</num>
<content>
<p>that the designated person would be likely to exchange the economic resources for, or use them in exchange for, funds, goods or services.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-16-2">
<num>2</num>
<content>
<p>Paragraph (1) is subject to Part 9 (Exceptions and licences).</p>
</content>
</paragraph>
<paragraph eId="regulation-16-3">
<num>3</num>
<content>
<p>A person who contravenes the prohibition in paragraph (1) commits an offence.</p>
</content>
</paragraph>
<paragraph eId="regulation-16-4">
<num>4</num>
<content>
<p>The reference in paragraph (1) to making economic resources available indirectly to a designated person includes, in particular, a reference to making them available to a person who is owned or controlled directly or indirectly (within the meaning of regulation 7) by the designated person.</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-17" period="#period2">
<num>
<noteRef href="#key-483ea85e74db69cedf057d76b947ed76" marker="I5" class="commentary I"/>
<noteRef href="#key-8f2abbe663895578dec95c7f31216637" marker="I27" class="commentary I"/>
17
</num>
<heading>Making economic resources available for benefit of designated person</heading>
<paragraph eId="regulation-17-1">
<num>1</num>
<content>
<p>A person (“P”) must not make economic resources available to any person for the benefit of a designated person if P knows, or has reasonable cause to suspect, that P is making the economic resources so available.</p>
</content>
</paragraph>
<paragraph eId="regulation-17-2">
<num>2</num>
<content>
<p>Paragraph (1) is subject to Part 9 (Exceptions and licences).</p>
</content>
</paragraph>
<paragraph eId="regulation-17-3">
<num>3</num>
<content>
<p>A person who contravenes the prohibition in paragraph (1) commits an offence.</p>
</content>
</paragraph>
<paragraph eId="regulation-17-4">
<num>4</num>
<intro>
<p>For the purposes of paragraph (1)—</p>
</intro>
<subparagraph eId="regulation-17-4-a">
<num>a</num>
<content>
<p>economic resources are made available for the benefit of a designated person only if that person thereby obtains, or is able to obtain, a significant financial benefit, and</p>
</content>
</subparagraph>
<subparagraph eId="regulation-17-4-b">
<num>b</num>
<content>
<p>
<term refersTo="#term-financial-benefit">financial benefit</term>
” includes the discharge (or partial discharge) of a financial obligation for which the designated person is wholly or partly responsible.
</p>
</content>
</subparagraph>
</paragraph>
</hcontainer>
</chapter>
<chapter eId="part-4-chapter-2" period="#period2">
<num>CHAPTER 2</num>
<heading>Investment, financial services and financial markets</heading>
<hcontainer name="regulation" eId="regulation-18" period="#period2">
<num>
<noteRef href="#key-90c44ab8e5889f72d13f18547d6d518a" marker="I6" class="commentary I"/>
<noteRef href="#key-70fd4c75a56cb7cc2473f9ce8355dc02" marker="I28" class="commentary I"/>
18
</num>
<heading>UK credit or financial institutions: accounts and correspondent banking relationships etc.</heading>
<paragraph eId="regulation-18-1">
<num>1</num>
<intro>
<p>A UK credit or financial institution must not—</p>
</intro>
<subparagraph eId="regulation-18-1-a">
<num>a</num>
<content>
<p>open a bank account with,</p>
</content>
</subparagraph>
<subparagraph eId="regulation-18-1-b">
<num>b</num>
<content>
<p>establish a correspondent banking relationship with,</p>
</content>
</subparagraph>
<subparagraph eId="regulation-18-1-c">
<num>c</num>
<content>
<p>establish a joint venture with, or</p>
</content>
</subparagraph>
<subparagraph eId="regulation-18-1-d">
<num>d</num>
<content>
<p>take an ownership interest in,</p>
</content>
</subparagraph>
<wrapUp>
<p>a person falling within paragraph (2), if the UK credit or financial institution knows, or has reasonable cause to suspect, that the bank account, correspondent banking relationship or joint venture is with, or the ownership interest is in, a person falling within paragraph (2).</p>
</wrapUp>
</paragraph>
<paragraph eId="regulation-18-2">
<num>2</num>
<intro>
<p>The following persons fall within this paragraph—</p>
</intro>
<subparagraph eId="regulation-18-2-a">
<num>a</num>
<content>
<p>a credit or financial institution domiciled in the DPRK;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-18-2-b">
<num>b</num>
<content>
<p>a branch or subsidiary, wherever located, of a credit or financial institution domiciled in the DPRK;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-18-2-c">
<num>c</num>
<content>
<p>a credit or financial institution that is not domiciled in the DPRK but is owned or controlled directly or indirectly (within the meaning of regulation 7) by a person domiciled in the DPRK.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-18-3">
<num>3</num>
<intro>
<p>A UK credit or financial institution must not—</p>
</intro>
<subparagraph eId="regulation-18-3-a">
<num>a</num>
<content>
<p>open a representative office of that institution in the DPRK, or</p>
</content>
</subparagraph>
<subparagraph eId="regulation-18-3-b">
<num>b</num>
<content>
<p>establish a branch or subsidiary of that institution in the DPRK.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-18-4">
<num>4</num>
<content>
<p>Paragraphs (1) and (3) are subject to Part 9 (Exceptions and licences).</p>
</content>
</paragraph>
<paragraph eId="regulation-18-5">
<num>5</num>
<content>
<p>A person who contravenes a prohibition in paragraph (1) or (3) commits an offence.</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-19" period="#period1">
<num>
<noteRef href="#key-acd365f628a51f72bd554c8269b057f4" marker="I7" class="commentary I"/>
<noteRef href="#key-dd0a2f3667716ec21d9002647a0ba615" marker="I22" class="commentary I"/>
19
</num>
<heading>UK credit or financial institutions: severance of existing financial relationships</heading>
<paragraph eId="regulation-19-1">
<num>1</num>
<intro>
<p>A UK credit or financial institution must—</p>
</intro>
<subparagraph eId="regulation-19-1-a">
<num>a</num>
<content>
<p>close any bank account with,</p>
</content>
</subparagraph>
<subparagraph eId="regulation-19-1-b">
<num>b</num>
<content>
<p>terminate any correspondent banking relationship with,</p>
</content>
</subparagraph>
<subparagraph eId="regulation-19-1-c">
<num>c</num>
<content>
<p>terminate any joint venture with, and</p>
</content>
</subparagraph>
<subparagraph eId="regulation-19-1-d">
<num>d</num>
<content>
<p>relinquish any ownership interest in,</p>
</content>
</subparagraph>
<wrapUp>
<p>a person falling within regulation 18(2).</p>
</wrapUp>
</paragraph>
<paragraph eId="regulation-19-2">
<num>2</num>
<intro>
<p>A UK credit or financial institution must—</p>
</intro>
<subparagraph eId="regulation-19-2-a">
<num>a</num>
<content>
<p>close any representative office of that institution in the DPRK; and</p>
</content>
</subparagraph>
<subparagraph eId="regulation-19-2-b">
<num>b</num>
<content>
<p>close any branch or subsidiary of that institution in the DPRK.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-19-3">
<num>3</num>
<content>
<p>Paragraphs (1) and (2) are subject to Part 9 (Exceptions and licences).</p>
</content>
</paragraph>
<paragraph eId="regulation-19-4">
<num>4</num>
<content>
<p>A person who fails to comply with a requirement in paragraph (1) or (2) commits an offence.</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-20" period="#period2">
<num>
<noteRef href="#key-08bdc320cfdf4d4436048211cd3fcbec" marker="I8" class="commentary I"/>
<noteRef href="#key-9e558c73994b6dabc78877e61b2c8234" marker="I29" class="commentary I"/>
20
</num>
<heading>Opening of or taking up of business by a representative office, branch or subsidiary of DPRK credit or financial institution</heading>
<paragraph eId="regulation-20-1">
<num>1</num>
<intro>
<p>A person (“P”) must not—</p>
</intro>
<subparagraph eId="regulation-20-1-a">
<num>a</num>
<content>
<p>open a representative office or establish a branch or subsidiary in the United Kingdom of a person falling within regulation 18(2);</p>
</content>
</subparagraph>
<subparagraph eId="regulation-20-1-b">
<num>b</num>
<content>
<p>enter into an arrangement for, or on behalf of, a person falling within regulation 18(2) which relates to the opening of a representative office or the establishment of a branch or subsidiary in the United Kingdom, if P knows, or has reasonable cause to suspect, that the arrangement is for, or on behalf of, such a person; or</p>
</content>
</subparagraph>
<subparagraph eId="regulation-20-1-c">
<num>c</num>
<content>
<p>authorise the taking up and pursuit of business by a representative office, branch or subsidiary of a person falling within regulation 18(2), if the representative office, branch or subsidiary was not operational before 19 February 2013.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-20-2">
<num>2</num>
<content>
<p>Paragraph (1) is subject to Part 9 (Exceptions and licences).</p>
</content>
</paragraph>
<paragraph eId="regulation-20-3">
<num>3</num>
<content>
<p>A person who contravenes a prohibition in paragraph (1) commits an offence.</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-21" period="#period2">
<num>
<noteRef href="#key-489c44e915001cde70984aaedd37c9af" marker="I9" class="commentary I"/>
<noteRef href="#key-d24b8baef6b3f23e3bd147923c7146a0" marker="I30" class="commentary I"/>
21
</num>
<heading>DPRK credit or financial institutions: branches, subsidiaries, and representative offices</heading>
<paragraph eId="regulation-21-1">
<num>1</num>
<intro>
<p>A person (“P”) must not operate or facilitate the operation of—</p>
</intro>
<subparagraph eId="regulation-21-1-a">
<num>a</num>
<content>
<p>a branch,</p>
</content>
</subparagraph>
<subparagraph eId="regulation-21-1-b">
<num>b</num>
<content>
<p>a subsidiary, or</p>
</content>
</subparagraph>
<subparagraph eId="regulation-21-1-c">
<num>c</num>
<content>
<p>a representative office,</p>
</content>
</subparagraph>
<wrapUp>
<p>of a person falling within regulation 18(2) if P knows, or has reasonable cause to suspect, that the branch, subsidiary or representative office is a branch, subsidiary or representative office of such a person.</p>
</wrapUp>
</paragraph>
<paragraph eId="regulation-21-2">
<num>2</num>
<content>
<p>Paragraph (1) is subject to Part 9 (Exceptions and licences).</p>
</content>
</paragraph>
<paragraph eId="regulation-21-3">
<num>3</num>
<content>
<p>A person who contravenes a prohibition in paragraph (1) commits an offence.</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-22" period="#period2">
<num>
<noteRef href="#key-5b9ade225c06ddbb89d5d429ad233ed2" marker="I10" class="commentary I"/>
<noteRef href="#key-4ac2582d5ee6a4c144d28f7218a8f65f" marker="I31" class="commentary I"/>
22
</num>
<heading>Acquisition or extension of ownership interest by a DPRK credit or financial institution</heading>
<paragraph eId="regulation-22-1">
<num>1</num>
<content>
<p>A person falling within regulation 18(2) must not directly or indirectly acquire or extend a participation, or acquire any ownership interest, in a UK credit or financial institution.</p>
</content>
</paragraph>
<paragraph eId="regulation-22-2">
<num>2</num>
<content>
<p>Paragraph (1) is subject to Part 9 (Exceptions and licences).</p>
</content>
</paragraph>
<paragraph eId="regulation-22-3">
<num>3</num>
<content>
<p>A person who contravenes the prohibition in paragraph (1) commits an offence.</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-23" period="#period2">
<num>
<noteRef href="#key-411256ea87d6c73bbb282793705df704" marker="I11" class="commentary I"/>
<noteRef href="#key-c8a231bdfee4d6405e4165304272ae76" marker="I32" class="commentary I"/>
23
</num>
<heading>Designated persons: closure of representative offices</heading>
<paragraph eId="regulation-23-1">
<num>1</num>
<content>
<p>This regulation applies to a designated person which is not an individual, and which has a representative office in the United Kingdom.</p>
</content>
</paragraph>
<paragraph eId="regulation-23-2">
<num>2</num>
<content>
<p>If the person was a designated person immediately before the relevant date, the person must close the office immediately.</p>
</content>
</paragraph>
<paragraph eId="regulation-23-3">
<num>3</num>
<content>
<p>If the person was not a designated person immediately before the relevant date, the person must close the office within the period of 90 days beginning with the date on which the person became a designated person.</p>
</content>
</paragraph>
<paragraph eId="regulation-23-4">
<num>4</num>
<content>
<p>Paragraphs (2) and (3) are subject to Part 9 (Exceptions and licences).</p>
</content>
</paragraph>
<paragraph eId="regulation-23-5">
<num>5</num>
<content>
<p>A person who fails to comply with a requirement in paragraph (2) and (3)commits an offence.</p>
</content>
</paragraph>
<paragraph eId="regulation-23-6">
<num>6</num>
<intro>
<p>
In this regulation, “
<term refersTo="#term-the-relevant-date">the relevant date</term>
” means—
</p>
</intro>
<subparagraph eId="regulation-23-6-a">
<num>a</num>
<content>
<p>where regulations under section 56 of the Act provide that this regulation comes into force at a specified time on a day, that time on that day;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-23-6-b">
<num>b</num>
<content>
<p>otherwise, the date on which this regulation comes into force.</p>
</content>
</subparagraph>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-24" period="#period2">
<num>
<noteRef href="#key-28eeabfc631d9d876de261b1f7371e49" marker="I12" class="commentary I"/>
<noteRef href="#key-ba561b88a5cd5a541da74c890193924c" marker="I33" class="commentary I"/>
24
</num>
<heading>Business arrangements with designated persons</heading>
<paragraph eId="regulation-24-1">
<num>1</num>
<intro>
<p>A person (“P”) must not participate, directly or indirectly, in business arrangements, including joint ventures, with a person who P knows to be, or has reasonable cause to suspect is—</p>
</intro>
<subparagraph eId="regulation-24-1-a">
<num>a</num>
<content>
<p>a designated person, or</p>
</content>
</subparagraph>
<subparagraph eId="regulation-24-1-b">
<num>b</num>
<content>
<p>acting on behalf of or at the direction of a designated person.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-24-2">
<num>2</num>
<content>
<p>Paragraph (1) is subject to Part 9 (Exceptions and licences).</p>
</content>
</paragraph>
<paragraph eId="regulation-24-3">
<num>3</num>
<content>
<p>A person who contravenes the prohibition in paragraph (1) commits an offence.</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-25" period="#period2">
<num>
<noteRef href="#key-6e1a3bf73efaf767c0acb6f1217a58a8" marker="I13" class="commentary I"/>
<noteRef href="#key-64246d4128ca4f0183aa55ba69fa4835" marker="I34" class="commentary I"/>
25
</num>
<heading>Bank accounts for diplomatic missions etc.</heading>
<paragraph eId="regulation-25-1">
<num>1</num>
<intro>
<p>A UK credit or financial institution must not open a bank account for—</p>
</intro>
<subparagraph eId="regulation-25-1-a">
<num>a</num>
<content>
<p>a diplomatic mission or consular post of the DPRK, or</p>
</content>
</subparagraph>
<subparagraph eId="regulation-25-1-b">
<num>b</num>
<content>
<p>a national of the DPRK who is a member of a diplomatic mission or consular post of the DPRK.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-25-2">
<num>2</num>
<content>
<p>Paragraph (1) is subject to Part 9 (Exceptions and licences).</p>
</content>
</paragraph>
<paragraph eId="regulation-25-3">
<num>3</num>
<content>
<p>A person who contravenes the prohibition in paragraph (1) commits an offence.</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-26" period="#period2">
<num>
<noteRef href="#key-d690eb8e0b7d267aec3a039c77f4d324" marker="I14" class="commentary I"/>
<noteRef href="#key-9d19da82b25f8da2e8691715cf6a7f0c" marker="I35" class="commentary I"/>
26
</num>
<heading>Investment and commercial activities</heading>
<paragraph eId="regulation-26-1">
<num>1</num>
<intro>
<p>A person (“P”) must not accept or approve investment in a commercial activity which P knows, or has reasonable cause to suspect, is investment made by—</p>
</intro>
<subparagraph eId="regulation-26-1-a">
<num>a</num>
<content>
<p>the Government of the DPRK or any member of that Government;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-26-1-b">
<num>b</num>
<content>
<p>the Worker's Party of Korea;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-26-1-c">
<num>c</num>
<content>
<p>a national of the DPRK;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-26-1-d">
<num>d</num>
<content>
<p>a person, other than an individual, which is incorporated or constituted under the law of the DPRK;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-26-1-e">
<num>e</num>
<content>
<p>a person acting on behalf of or at the direction of a person falling within any of sub-paragraphs (a) to (d); or</p>
</content>
</subparagraph>
<subparagraph eId="regulation-26-1-f">
<num>f</num>
<content>
<p>a person, other than an individual, which is owned or controlled directly or indirectly (within the meaning of regulation 7) by a person falling within any of sub-paragraphs (a) to (d).</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-26-2">
<num>2</num>
<content>
<p>
A person (“P”) must not directly or indirectly provide financial services to, or make funds available to, any person falling within paragraph
<ins class="substitution key-e25ad6354d54830e3485054b8d30c147-1636725496358 first last">
<noteRef href="#key-e25ad6354d54830e3485054b8d30c147" marker="F1" class="commentary attribute F"/>
1(a), (b) or (d) to (f)
</ins>
if P knows, or has reasonable cause to suspect, that P is so providing the financial services or making the funds so available.
</p>
</content>
</paragraph>
<paragraph eId="regulation-26-3">
<num>3</num>
<intro>
<p>A person (“P”) must not establish, maintain or operate a joint venture or a co-operative entity with—</p>
</intro>
<subparagraph eId="regulation-26-3-a">
<num>a</num>
<content>
<p>a person falling within paragraph (1)(a) to (f), or</p>
</content>
</subparagraph>
<subparagraph eId="regulation-26-3-b">
<num>b</num>
<content>
<p>a person, other than an individual, which is domiciled in the DPRK,</p>
</content>
</subparagraph>
<wrapUp>
<p>if P knows or has reasonable cause to suspect that P is so doing.</p>
</wrapUp>
</paragraph>
<paragraph eId="regulation-26-4">
<num>4</num>
<intro>
<p>
A person (“P”) must not take, acquire
<ins class="key-c70b39ae8b62225daea4b0fccad5dfa6-1636725625677 first last">
<noteRef href="#key-c70b39ae8b62225daea4b0fccad5dfa6" marker="F2" class="commentary attribute F"/>
, maintain
</ins>
or extend any ownership interest in—
</p>
</intro>
<subparagraph eId="regulation-26-4-a">
<num>a</num>
<content>
<p>
a person falling within paragraph
<ins class="substitution key-74f748755ea6bc7128a885b3e72ee48c-1636725940821 first last">
<noteRef href="#key-74f748755ea6bc7128a885b3e72ee48c" marker="F3" class="commentary attribute F"/>
1(a), (b) or (d) to (f)
</ins>
, or
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-26-4-b">
<num>b</num>
<content>
<p>
a person
<ins class="key-b280157167a425b71476242c78167c83-1636725990621 first last">
<noteRef href="#key-b280157167a425b71476242c78167c83" marker="F4" class="commentary attribute F"/>
, other than an individual, which is
</ins>
domiciled in the DPRK,
</p>
</content>
</subparagraph>
<wrapUp>
<p>if P knows or has reasonable cause to suspect that P is so doing.</p>
</wrapUp>
</paragraph>
<paragraph eId="regulation-26-5">
<num>5</num>
<content>
<p>A person (“P”) must not take, acquire, maintain or extend any ownership interest in activities or assets in the DPRK if P knows, or has reasonable cause, to suspect that P is so doing.</p>
</content>
</paragraph>
<paragraph eId="regulation-26-6">
<num>6</num>
<content>
<p>A person (“P”) must not provide financial services directly or indirectly related to any activity that is prohibited by paragraphs (2) to (5) if P knows, or has reasonable cause to suspect, that P is so doing.</p>
</content>
</paragraph>
<paragraph eId="regulation-26-7">
<num>7</num>
<content>
<p>Subject to paragraph (8), a person must close any joint ventures or co-operative entities with a person falling within paragraph (1)(a) to (f) or with a person, other than an individual, which is domiciled in the DPRK.</p>
</content>
</paragraph>
<paragraph eId="regulation-26-8">
<num>8</num>
<intro>
<p>Where a person has directly or indirectly requested approval for a joint venture or co-operative entity from the Committee, that person is not obliged to close that joint venture or co-operative entity—</p>
</intro>
<subparagraph eId="regulation-26-8-a">
<num>a</num>
<content>
<p>while no decision has yet been taken by the Committee, or</p>
</content>
</subparagraph>
<subparagraph eId="regulation-26-8-b">
<num>b</num>
<content>
<p>if the Committee has denied the request for approval, until the end of the period of 120 days beginning with the date on which the Committee denied the request.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-26-9">
<num>9</num>
<content>
<p>Paragraphs (1) to (7) are subject to Part 9 (Exceptions and licences).</p>
</content>
</paragraph>
<paragraph eId="regulation-26-10">
<num>10</num>
<content>
<p>A person who contravenes a prohibition in paragraphs (1) to (6) commits an offence.</p>
</content>
</paragraph>
<paragraph eId="regulation-26-11">
<num>11</num>
<content>
<p>A person who fails to comply with the requirement in paragraph (7) commits an offence.</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-27" period="#period2">
<num>
<noteRef href="#key-edff0aa758e638e04222ee324d77f6ac" marker="I15" class="commentary I"/>
<noteRef href="#key-502e18db3dc6d3c8ff6fdc08a08b23d0" marker="I36" class="commentary I"/>
27
</num>
<heading>Land</heading>
<paragraph eId="regulation-27-1">
<num>1</num>
<intro>
<p>A person (“P”) must not—</p>
</intro>
<subparagraph eId="regulation-27-1-a">
<num>a</num>
<content>
<p>lease, or otherwise make available, land, directly or indirectly, to the Government of the DPRK, any member of that Government or any person who P knows, or has reasonable cause to suspect, to be acting on its behalf;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-27-1-b">
<num>b</num>
<content>
<p>lease land, directly or indirectly, from the Government of the DPRK, any member of that Government or any person who P knows, or has reasonable cause to suspect, to be acting on its behalf;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-27-1-c">
<num>c</num>
<content>
<p>engage in any activity linked to the use of land that the Government of the DPRK, any member of that Government or any person who P knows, or has reasonable cause to suspect, to be acting on its behalf owns, leases or is otherwise entitled to use.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-27-2">
<num>2</num>
<content>
<p>Paragraph (1) is subject to Part 9 (Exceptions and licences).</p>
</content>
</paragraph>
<paragraph eId="regulation-27-3">
<num>3</num>
<content>
<p>A person who contravenes a prohibition in paragraph (1) commits an offence.</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-28" period="#period2">
<num>
<noteRef href="#key-b20bab7793a23a95fc6c2274640fc476" marker="I16" class="commentary I"/>
<noteRef href="#key-ec5b2d167ce5fc9c66cfbc60b38721b3" marker="I37" class="commentary I"/>
28
</num>
<heading>Transfers of funds etc.</heading>
<paragraph eId="regulation-28-1">
<num>1</num>
<content>
<p>A person must not make or receive a transfer of funds which that person knows or has reasonable cause to suspect is a transfer of funds to or from the DPRK.</p>
</content>
</paragraph>
<paragraph eId="regulation-28-2">
<num>2</num>
<content>
<p>A UK credit or financial institution must not enter into, or continue to participate in, any transaction with a person who the institution knows or has reasonable cause to suspect to be a person falling within regulation 18(2).</p>
</content>
</paragraph>
<paragraph eId="regulation-28-3">
<num>3</num>
<content>
<p>Paragraphs (1) and (2) are subject to Part 9 (Exceptions and licences).</p>
</content>
</paragraph>
<paragraph eId="regulation-28-4">
<num>4</num>
<content>
<p>A person who contravenes a prohibition in paragraph (1) or (2) commits an offence.</p>
</content>
</paragraph>
<paragraph eId="regulation-28-5">
<num>5</num>
<content>
<p>In this regulation the reference to a transfer of funds includes the clearing of funds.</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-29" period="#period2">
<num>
<noteRef href="#key-d20886db8a78bcf267080a7f4a64ced1" marker="I17" class="commentary I"/>
<noteRef href="#key-004b52357856daf19199f1bf1fb7842d" marker="I38" class="commentary I"/>
29
</num>
<heading>Insurance and reinsurance services in relation to ships</heading>
<paragraph eId="regulation-29-1">
<num>1</num>
<intro>
<p>A person (“P”) must not provide insurance or reinsurance services in relation to a ship if P knows, or has reasonable cause to suspect, that P is providing such services in relation to a ship that is—</p>
</intro>
<subparagraph eId="regulation-29-1-a">
<num>a</num>
<content>
<p>owned, controlled or operated by a person connected with the DPRK;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-29-1-b">
<num>b</num>
<content>
<p>a specified ship;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-29-1-c">
<num>c</num>
<content>
<p>a ship registered in the DPRK, or</p>
</content>
</subparagraph>
<subparagraph eId="regulation-29-1-d">
<num>d</num>
<content>
<p>a ship flying the flag of the DPRK.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-29-2">
<num>2</num>
<content>
<p>Paragraph (1) is subject to Part 9 (Exceptions and licences).</p>
</content>
</paragraph>
<paragraph eId="regulation-29-3">
<num>3</num>
<content>
<p>A person who contravenes the prohibition in paragraph (1) commits an offence.</p>
</content>
</paragraph>
<paragraph eId="regulation-29-4">
<num>4</num>
<content>
<p>For the purposes of paragraph (1), the reference to a ship being “owned” or “controlled” by a person is to be interpreted in accordance with regulation 80.</p>
</content>
</paragraph>
<paragraph eId="regulation-29-5">
<num>5</num>
<content>
<p>In this regulation—</p>
<blockList class="unordered">
<item>
<p>
<term refersTo="#term-ship">ship</term>
” includes every description of vessel (including a hovercraft) used in navigation;
</p>
</item>
<item>
<p>
<term refersTo="#term-specified-ship">specified ship</term>
” means a ship specified by the Secretary of State under regulation 11(1) or (2).
</p>
</item>
</blockList>
</content>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-30" period="#period2">
<num>
<noteRef href="#key-5de95c584b90e17fd1789706bd5f8156" marker="I18" class="commentary I"/>
<noteRef href="#key-607cac1d2a822b2e4ba57511d3efda05" marker="I39" class="commentary I"/>
30
</num>
<heading>Sale or purchase of bonds</heading>
<paragraph eId="regulation-30-1">
<num>1</num>
<intro>
<p>A person (“P”) must not directly or indirectly—</p>
</intro>
<subparagraph eId="regulation-30-1-a">
<num>a</num>
<content>
<p>sell to a person falling within paragraph (4), or</p>
</content>
</subparagraph>
<subparagraph eId="regulation-30-1-b">
<num>b</num>
<content>
<p>purchase from such a person,</p>
</content>
</subparagraph>
<wrapUp>
<p>public bonds or public-guaranteed bonds issued after 19 February 2013 if P knows, or has reasonable cause to suspect, that the sale or purchase of such bonds is directly or indirectly to or from such a person.</p>
</wrapUp>
</paragraph>
<paragraph eId="regulation-30-2">
<num>2</num>
<content>
<p>A person (“P”) must not provide brokering services to a person falling within paragraph (4) in respect of public bonds or public-guaranteed bonds issued after 19 February 2013, if P knows, or has reasonable cause to suspect, that the person falls within paragraph (4).</p>
</content>
</paragraph>
<paragraph eId="regulation-30-3">
<num>3</num>
<intro>
<p>A person (“P”) must not provide—</p>
</intro>
<subparagraph eId="regulation-30-3-a">
<num>a</num>
<content>
<p>brokering services,</p>
</content>
</subparagraph>
<subparagraph eId="regulation-30-3-b">
<num>b</num>
<content>
<p>advertising services, or</p>
</content>
</subparagraph>
<subparagraph eId="regulation-30-3-c">
<num>c</num>
<content>
<p>any other services,</p>
</content>
</subparagraph>
<wrapUp>
<p>if P knows, or has reasonable cause to suspect, that the provision of the services assists a person falling within paragraph (4) to issue public bonds or public-guaranteed bonds.</p>
</wrapUp>
</paragraph>
<paragraph eId="regulation-30-4">
<num>4</num>
<intro>
<p>The following persons fall within this paragraph—</p>
</intro>
<subparagraph eId="regulation-30-4-a">
<num>a</num>
<content>
<p>the Government of the DPRK;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-30-4-b">
<num>b</num>
<content>
<p>the Central Bank of the DPRK;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-30-4-c">
<num>c</num>
<content>
<p>a person falling within regulation 18(2) (DPRK credit or financial institutions etc.);</p>
</content>
</subparagraph>
<subparagraph eId="regulation-30-4-d">
<num>d</num>
<content>
<p>a person acting on behalf of or at the direction of a person falling within sub-paragraph (a) or (b);</p>
</content>
</subparagraph>
<subparagraph eId="regulation-30-4-e">
<num>e</num>
<content>
<p>a person, other than an individual, which is owned or controlled directly or indirectly (within the meaning of regulation 7) by a person falling within any of sub-paragraphs (a) to (c).</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-30-5">
<num>5</num>
<content>
<p>Paragraphs (1) to (3) are subject to Part 9 (Exceptions and licences).</p>
</content>
</paragraph>
<paragraph eId="regulation-30-6">
<num>6</num>
<content>
<p>A person who contravenes a prohibition in paragraph (1), (2) or (3) commits an offence.</p>
</content>
</paragraph>
</hcontainer>
</chapter>
<chapter eId="part-4-chapter-3" period="#period2">
<num>CHAPTER 3</num>
<heading>Interpretation and further provision</heading>
<hcontainer name="regulation" eId="regulation-31" period="#period2">
<num>
<noteRef href="#key-1073ac6d6b234d504d15c3c4d01a0e9b" marker="I19" class="commentary I"/>
<noteRef href="#key-609b80fbc3970b8c1ee2e51e6f426556" marker="I40" class="commentary I"/>
31
</num>
<heading>Circumventing etc. prohibitions</heading>
<paragraph eId="regulation-31-1">
<num>1</num>
<intro>
<p>A person must not intentionally participate in activities knowing that the object or effect of them is, whether directly or indirectly—</p>
</intro>
<subparagraph eId="regulation-31-1-a">
<num>a</num>
<content>
<p>to circumvent any of the prohibitions in Chapter 1 or 2 of this Part, or</p>
</content>
</subparagraph>
<subparagraph eId="regulation-31-1-b">
<num>b</num>
<content>
<p>to enable or facilitate the contravention of any such prohibition.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-31-2">
<num>2</num>
<content>
<p>A person who contravenes a prohibition in paragraph (1) commits an offence.</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-32" period="#period2">
<num>
<noteRef href="#key-5ad97241bab0ba5843db7ae5d2c3ea3e" marker="I20" class="commentary I"/>
<noteRef href="#key-4048b8e82198d03d70c5d24907d06c87" marker="I41" class="commentary I"/>
32
</num>
<heading>Meaning of “designated person” in Part 4</heading>
<intro>
<p>
In this Part a “
<term refersTo="#term-designated-person">designated person</term>
” means—
</p>
</intro>
<subparagraph eId="regulation-32-a">
<num>a</num>
<intro>
<p>a person who is designated under regulation 5 for the purposes of—</p>
</intro>
<clause eId="regulation-32-a-i">
<num>i</num>
<content>
<p>regulations 13 to 17 (asset-freeze etc.), and</p>
</content>
</clause>
<clause eId="regulation-32-a-ii">
<num>ii</num>
<content>
<p>regulations 23 (closure of representative offices) and 24 (business arrangements with designated persons), or</p>
</content>
</clause>
</subparagraph>
<subparagraph eId="regulation-32-b">
<num>b</num>
<content>
<p>a person who is a designated person for the purposes of those regulations by reason of regulation 10.</p>
</content>
</subparagraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-33" period="#period2">
<num>
<noteRef href="#key-9c9e6ab9b2fb6f026962d519dab5b8d9" marker="I21" class="commentary I"/>
<noteRef href="#key-e7bcef558f5bf0b67d3ea2a808fa3527" marker="I42" class="commentary I"/>
33
</num>
<heading>Interpretation of Part 4</heading>
<paragraph eId="regulation-33-1">
<num>1</num>
<content>
<p>In this Part—</p>
<blockList class="unordered">
<item>
<p>
<term refersTo="#term-branch">branch</term>
” means—
</p>
<blockList class="ordered">
<item>
<num>a</num>
<p>in relation to a UK credit or financial institution, a place of business which forms a legally dependent part of that institution and which carries out all or some of the transactions inherent in the business of that institution, or</p>
</item>
<item>
<num>b</num>
<p>in relation to a credit or financial institution domiciled in the DPRK, a place of business which forms a legally dependent part of that institution and which carries out all or some of the transactions inherent in the business of that institution;</p>
</item>
</blockList>
</item>
<item>
<p>
<term refersTo="#term-credit-or-financial-institution-domiciled-in-the-dprk">credit or financial institution domiciled in the DPRK</term>
” means—
</p>
<blockList class="ordered">
<item>
<num>a</num>
<p>a person, other than an individual, which is domiciled in the DPRK and which would satisfy the threshold conditions for permission under Part 4A of the Financial Services and Markets Act 2000 if it had its registered office (or if it does not have one, its head office) in the United Kingdom; or</p>
</item>
<item>
<num>b</num>
<p>an undertaking domiciled in the DPRK which by way of business—</p>
<blockList class="ordered">
<item>
<num>i</num>
<p>operates a currency exchange office,</p>
</item>
<item>
<num>ii</num>
<p>transmits money (or any representation of monetary value) by any means, or</p>
</item>
<item>
<num>iii</num>
<p>cashes cheques that are made payable to customers;</p>
</item>
</blockList>
</item>
</blockList>
</item>
<item>
<p>
<term refersTo="#term-subsidiary">subsidiary</term>
” has the meaning given by section 1159 of the Companies Act 2006
<noteRef href="#c23636441" marker="M1" class="commentary M"/>
;
</p>
</item>
<item>
<p>
<term refersTo="#term-uk-credit-or-financial-institution">UK credit or financial institution</term>
” means—
</p>
<blockList class="ordered">
<item>
<num>a</num>
<p>
a person that has permission under Part 4A of the Financial Services and Markets Act 2000
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(permission to carry on regulated activity); or
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</item>
<item>
<num>b</num>
<p>an undertaking which by way of business—</p>
<blockList class="ordered">
<item>
<num>i</num>
<p>operates a currency exchange office,</p>
</item>
<item>
<num>ii</num>
<p>transmits money (or any representation of monetary value) by any means, or</p>
</item>
<item>
<num>iii</num>
<p>cashes cheques that are made payable to customers.</p>
</item>
</blockList>
</item>
</blockList>
</item>
</blockList>
</content>
</paragraph>
<paragraph eId="regulation-33-2">
<num>2</num>
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<p>In paragraph (1), the definitions of—</p>
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<subparagraph eId="regulation-33-2-a">
<num>a</num>
<content>
<p>“credit or financial institution domiciled in the DPRK”, and</p>
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<subparagraph eId="regulation-33-2-b">
<num>b</num>
<content>
<p>“UK credit or financial institution”,</p>
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<p>
are to be read with section 22 of the Financial Services and Markets Act 2000
<noteRef href="#c23636461" marker="M3" class="commentary M"/>
, any relevant order under that section
<noteRef href="#c23636471" marker="M4" class="commentary M"/>
and Schedule 2 to that Act.
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</paragraph>
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</chapter>
</part>
</portionBody>
</portion>
</akomaNtoso>