Prohibition against certain activities
7A.—(1)  No financial institution shall —
(a)open any representative office in the Democratic People’s Republic of Korea;
(b)incorporate or establish any subsidiary in the Democratic People’s Republic of Korea; or
(c)open any bank account in the Democratic People’s Republic of Korea,
if the financial institution has information that provides reasonable grounds to believe that doing so could contribute to the nuclear-related, ballistic missile-related, or other weapons of mass destruction-related programmes or activities of the Democratic People’s Republic of Korea.
(2)  No financial institution shall —
(a)establish or maintain any joint venture with a prohibited bank;
(b)permit any ownership interest in the financial institution to be acquired by a prohibited bank; or
(c)establish or maintain a correspondent relationship with a prohibited bank,
if the financial institution has information that provides reasonable grounds to believe that doing so could contribute —
(i)to the nuclear-related, ballistic missile-related, or other weapons of mass destruction-related programmes or activities of the Democratic People’s Republic of Korea; or
(ii)to the evasion of any measures imposed by Resolutions 1718 (2006), 1874 (2009), 2087 (2013) and 2094 (2013) of the Security Council of the United Nations.
(3)  In this regulation, “prohibited bank” means any bank incorporated or established in the Democratic People’s Republic of Korea (including any branch, subsidiary or representative office of any such bank).
[S 632/2013 wef 02/10/2013]