Regulation 28 Transfers of funds etc.I1I2
United Kingdom
A person must not make or receive a transfer of funds which that person knows or has reasonable cause to suspect is a transfer of funds to or from the DPRK.
A UK credit or financial institution must not enter into, or continue to participate in, any transaction with a person who the institution knows or has reasonable cause to suspect to be a person falling within regulation 18(2).
Paragraphs (1) and (2) are subject to Part 9 (Exceptions and licences).
A person who contravenes a prohibition in paragraph (1) or (2) commits an offence.
In this regulation the reference to a transfer of funds includes the clearing of funds.
Annotations
Commencement
- I1
Reg. 28 not in force at made date, see reg. 1(2)
- I2
Reg. 28 in force at 31.12.2020 by S.I. 2019/627, reg. 7(2); 2020 c. 1, Sch. 5 para. 1(1)