Regulation 21 DPRK credit or financial institutions: branches, subsidiaries, and representative officesI1I2
United Kingdom
(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.
Annotations
Commencement
- I1
Reg. 21 not in force at made date, see reg. 1(2)
- I2
Reg. 21 in force at 31.12.2020 by S.I. 2019/627, reg. 7(2); 2020 c. 1, Sch. 5 para. 1(1)