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Article 10E Severance of existing financial relationshipsF1F2

(1)

A credit or financial institution (“P”) commits an offence if, by 24th June 2016, P fails to—

(a)

terminate any joint venture with;

(b)

relinquish any ownership interest in; or

(c)

terminate any correspondent banking relationship with,

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

(2)

The Governor may direct that a credit or financial institution must—

(a)

close any bank account with a person falling within article 10(A)(4); or

(b)

close any branch, subsidiary, or representative office in North Korea.

F3(3)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(6)

Any direction made under paragraph (2) must be—

(a)

published in any form the Governor considers appropriate, including by means of a website;

(b)

sent by the Governor to one or more credit or financial institutions affected by the direction; or

(c)

sent by the Governor to one or more other persons affected by the direction.

(7)

A credit or financial institution (“P”) commits an offence if P knowingly fails to comply with any direction of the Governor made under paragraph (2).

(8)

Anything done by a credit or financial institution in accordance with this article is not to be treated as a breach of any restriction imposed by statute or otherwise.

Annotations

Textual amendments

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

F3

Art. 10E(3)-(5) omitted (5.4.2017) by virtue of The Democratic People’s Republic of Korea (Sanctions) (Overseas Territories) (Amendment) Order 2017 (S.I. 2017/320), arts. 1(1), 5