DPRK credit or financial institutions: branches, subsidiaries, and representative officesU.K.
This section has no associated Explanatory Memorandum
21.—(1) 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.
Commencement Information
I1Reg. 21 not in force at made date, see reg. 1(2)
I2Reg. 21 in force at 31.12.2020 by S.I. 2019/627, reg. 7(2); 2020 c. 1, Sch. 5 para. 1(1)