{
  "url": "https://openlegislation.uk/democratic-peoples-republic-of-korea-sanctions-overseas-territories-order-2012/article-10E",
  "json_url": "https://openlegislation.uk/democratic-peoples-republic-of-korea-sanctions-overseas-territories-order-2012/article-10E.json",
  "legislation": "uksi/2012/3066",
  "legislation_title": "The Democratic People’s Republic of Korea (Sanctions) (Overseas Territories) Order 2012",
  "legislation_url": "https://openlegislation.uk/democratic-peoples-republic-of-korea-sanctions-overseas-territories-order-2012",
  "path": "article/10E",
  "kind": "article",
  "number": "10E",
  "heading": "Severance of existing financial relationships",
  "text": "(1) A credit or financial institution (“P”) commits an offence if, by 24th June 2016, P fails to—\n(a) terminate any joint venture with;\n(b) relinquish any ownership interest in; or\n(c) terminate any correspondent banking relationship with,\na person who P knows or has reasonable cause to suspect falls within article 10(A)(4).\n(2) The Governor may direct that a credit or financial institution must—\n(a) close any bank account with a person falling within article 10(A)(4); or\n(b) close any branch, subsidiary, or representative office in North Korea.\n(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(6) Any direction made under paragraph (2) must be—\n(a) published in any form the Governor considers appropriate, including by means of a website;\n(b) sent by the Governor to one or more credit or financial institutions affected by the direction; or\n(c) sent by the Governor to one or more other persons affected by the direction.\n(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).\n(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.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "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"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "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"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "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"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2012/3066/article/10E",
    "retrieved_at": "2026-10-29T01:10:57.929498+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}