Article 10C North Korean credit and financial institutions: branches, subsidiaries, and representative officesF1 F2

(1)

A credit or financial institution (“P”) commits an offence if P—

(a)

opens a new bank account with;

(b)

establishes a new correspondent banking relationship with;

(c)

establishes a new joint venture with; or

(d)

takes an ownership interest in,

a person who P knows or has reasonable cause to suspect falls within article 10A(4).

(2)

A credit or financial institution (“P”) commits an offence if P—

(a)

opens a new representative office in North Korea; or

(b)

establishes a new branch or subsidiary in North Korea.

Annotations

F1: Pt. 2A inserted (7.8.2013) by The Democratic People’s Republic of Korea (Sanctions) (Overseas Territories) (Amendment) Order 2013 (S.I. 2013/1718), arts. 1(2), 8
F2: Art. 10C-10K substituted for art. 10C-10F (10.6.2016) by The Democratic People’s Republic of Korea (Sanctions) (Overseas Territories) (Amendment) Order 2016 (S.I. 2016/630), arts. 1(1), 8