# The Democratic People’s Republic of Korea (Sanctions) (Overseas Territories) Order 2012, Article 10E: Severance of existing financial relationships


(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.
(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.

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Source: https://www.legislation.gov.uk/uksi/2012/3066/article/10E (the official version)
Page: https://openlegislation.uk/democratic-peoples-republic-of-korea-sanctions-overseas-territories-order-2012/article-10E
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.