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The Democratic People’s Republic of Korea (Sanctions) (EU Exit) Regulations 2019

Status:

This is the original version (as it was originally made).

CHAPTER 3Interpretation and further provision

Circumventing etc. prohibitions

31.—(1) 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.

Meaning of “designated person” in Part 4

32.  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.

Interpretation of Part 4

33.—(1) 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(1);

“UK credit or financial institution” means—

(a)

a person that has permission under Part 4A of the Financial Services and Markets Act 2000(2) (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(3), any relevant order under that section(4) and Schedule 2 to that Act.

(2)

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.

(3)

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.

(4)

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

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