Article 10P Transfers of funds to and from North KoreaF1
A person (“P”) commits an offence if P transfers funds F2, including clearing of funds, knowing or having reasonable cause to suspect that the transfer is to or from North Korea.
A credit or financial institution (“P”) commits an offence if P enters into or continues to participate in any transaction, knowing or having reasonable cause to suspect that the transaction is with—
a credit or financial institution domiciled in North Korea;
a branch or subsidiary of a credit or financial institution domiciled in North Korea, regardless of the location of such branch or subsidiary; or
a credit or financial institution listed in Annex VI to the Council Regulation.
Paragraphs (1) and (2) do not apply if—
the transaction falls within paragraph (5) and involves a transfer of funds equal to or below EUR15,000 or equivalent; or
the transaction is necessary for the official purposes of a diplomatic or consular mission or an international organisation enjoying immunities in North Korea in accordance with international law.
In determining the value of a transfer of funds for the purpose of paragraph (3)(a), where the transfer is executed in one or more operations which appear to be linked, the total value shall be the sum of the value of all linked transfers.
A transaction falls within this paragraph if it concerns—
foodstuffs, healthcare, or medical equipment, or is for agricultural or humanitarian purposes;
personal remittances;
the carrying out of acts permitted under this Order;
a specific trade contract not prohibited by this Order;
official purposes of a diplomatic or consular mission or an international organisation enjoying immunities in accordance with international law; or
implementation of projects funded by the European Union or its Member States for development purposes directly addressing the needs of the civilian population or the promotion of denuclearisation.
This article is subject to articles 11 and 12.
Annotations
Textual amendments
- F1
Arts. 10L-10P inserted (10.8.2016) by The Democratic People’s Republic of Korea (Sanctions) (Overseas Territories) (Amendment) ( No. 2) Order 2016 (S.I. 2016/769), arts. 1(1), 9
- F2
Words in art. 10P(1) inserted (13.12.2017) by The Democratic People’s Republic of Korea (Sanctions) (Overseas Territories) (Amendment) (No. 3) Order 2017 (S.I. 2017/1108), arts. 1(1), 7