Prohibition against providing financial services or transferring assets or resources for procurement of certain minerals, etc.
6.—(1) Except with the prior written approval of the Authority, a financial institution must not, directly or indirectly (including through any provider of any brokering or other intermediary services) —
(a)
provide any financial services (including but not limited to the granting of export credits, guarantees, insurance or re‑insurance) or any other related services;
[S 481/2017 wef 31/08/2017]
(b)
transfer (including through a gold courier transiting to and from the Democratic People’s Republic of Korea) any financial assets or resources (including bulk cash or gold); or
[S 481/2017 wef 31/08/2017]
(c)
transfer other assets or resources,
to a person which relates to any activity specified in paragraph (2).
[S 481/2017 wef 31/08/2017]
(2) For the purposes of paragraph (1), the activities are —
(a)
the procurement of coal, iron, iron ore, gold, titanium ore, vanadium ore, or rare earth minerals from —
(i)
the Democratic People’s Republic of Korea; or
(ii)
any person in or national of the Democratic People’s Republic of Korea;
[S 637/2017 wef 04/11/2017]
(b)
the owning, leasing, operating or controlling of any vessel, including through illicit means, by the Democratic People’s Republic of Korea; or
[S 481/2017 wef 31/08/2017]
[S 637/2017 wef 04/11/2017]
(c)
the owning, leasing, operating or chartering of any vessel flagged by the Democratic People’s Republic of Korea.