Financial Services and Markets (Sanctions and Freezing of Assets of Persons — Democratic People’s Republic of Korea) Regulations 2023

  Table of Contents

  Enacting Formula

1 Citation and commencement

2 Object

3 Application

4 Definitions

5 Prohibition against providing financial services or transferring assets or resources for nuclear‑related programmes and activities, etc.

6 Prohibition against providing financial services or transferring assets or resources for procurement of certain minerals, etc.

7 Prohibition against entering into financial transactions or providing financial assistance or services, etc., in relation to designated import items or designated export items, etc.

8 Prohibition against entering into financial transactions or providing financial assistance or services, etc., in relation to designated vessels

9 Prohibition against entering into financial transactions or providing financial assistance or services, etc., in relation to vessels used, etc., to ship any designated import item or designated export item

10 Prohibition against entering into financial transactions or providing financial assistance or services, etc., in relation to trade

11 Prohibition against certain activities in Democratic People’s Republic of Korea and transactions involving prohibited banks

12 Prohibition against establishing, maintaining or operating any joint ventures or cooperative entities

13 Assets of designated persons to be subject to asset freeze

14 Designated vessels to be subject to asset freeze

15 Assets of entities of Government of Democratic People’s Republic of Korea and Worker’s Party of Korea, etc., to be subject to asset freeze

16 Bank accounts opened by Democratic People’s Republic of Korea’s diplomatic or consular officer, etc.

17 General prohibition

18 Duty to provide information

19 Revocation

20 Saving and transitional provisions