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

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

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Wrong or mistyped textWrong structure or numberingWrong title or detailsDuplicated content

Proposed text

—(1) A financial institution must not, directly or indirectly (including through any provider of any brokering or other intermediary services) —(a)enter into any financial transaction with; or(b)provide, facilitate the provision of, or procure the provision of any financial assistance or services (including but not limited to the granting of export credits, guarantees, insurance or re‑insurance) to,a person which relates to any activity specified in paragraph (2).(2) For the purposes of paragraph (1), the activities are —(a)the provision, manufacture, maintenance or use of —(i)any designated import item procured from; or(ii)any designated export item procured by,the Democratic People’s Republic of Korea or any person in, or national of, the Democratic People’s Republic of Korea;(b)the provision of technical training, advice, services, or assistance relating to the provision, manufacture, maintenance or use of any small arms, light weapons, and related matériel of the small arms or light weapons; or(c)the shipment to or from the Democratic People’s Republic of Korea of —(i)any designated export item; or(ii)any designated import item,for repair, servicing, refurbishing, testing, reverse‑engineering, or marketing, regardless of whether the ownership or control of the designated export item or designated import item is transferred.(3) In proceedings for an offence of contravening paragraph (1) —(a)it is not necessary for the prosecution to prove that the financial institution knew or had reason to believe that the financial transaction, or financial assistance or services (as the case may be) relate to any activity specified in paragraph (2); and(b)it is a defence for the financial institution to prove, on a balance of probabilities, that the financial institution did not know, and could not by the exercise of due diligence have known, that the financial transaction, or financial assistance or services (as the case may be) relate to any activity specified in paragraph (2).

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