The Democratic People's Republic of Korea (European Union Financial Sanctions) Regulations 2013

[F1Funds and economic resources: Government of Democratic People’s Republic of Korea and Worker’s Party of KoreaU.K.

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

(2) The Treasury may only make a direction under paragraph (1)—

(a)in respect of a person within a category listed in paragraph (3); and

(b)when the conditions in paragraph (4) are satisfied.

(3) Categories of persons in respect of whom a direction may be made are—

(a)a person associated with the Government of the Democratic People’s Republic of Korea;

(b)a person associated with the Worker’s Party of Korea;

(c)a person acting on behalf or at the direction of any person within the categories listed in sub-paragraph (a) or (b); or

(d)a person owned or controlled by any person listed within the categories in sub-paragraph (a) or (b).

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

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

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

(5) A credit or financial institution must inform the Treasury if it suspects that funds or economic resources have been or are likely to be made available to any person listed in a category in paragraph (3) for a purpose other than that of a diplomatic or consular mission.

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

(a)published by the Treasury on their website;

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

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