PART 4Finance
CHAPTER 2Investment, financial services and financial markets
Insurance and reinsurance services in relation to ships29.
(1)
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;