http://www.legislation.gov.uk/eudn/2016/849/chapter/IV/2017-10-12Council Decision (CFSP) 2016/849 of 27 May 2016 concerning restrictive measures against the Democratic People's Republic of Korea and repealing Decision 2013/183/CFSPCouncil Decision (CFSP) 2016/849Council Decision (CFSP) 2016/849 of 27 May 2016 concerning restrictive measures against the Democratic People's Republic of Korea and repealing Decision 2013/183/CFSP2020-12-11King's Printer of Acts of Parliamenthttps://webarchive.nationalarchives.gov.uk/eu-exit/https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02016D0849-20171012texttext/xmlen2017-10-12 CHAPTER IV <Strong>FINANCIAL SECTOR</Strong> Article 12 Member States shall not enter into new commitments for grants, financial assistance or concessional loans to the DPRK, including through their participation in international financial institutions, except for humanitarian and developmental purposes directly addressing the need of the civilian population or the promotion of denuclearisation. Member States shall also exercise vigilance with a view to reducing current commitments and, if possible, putting an end to them. Article 13 In order to prevent the provision of financial services or the transfer to, through, or from the territory of Member States, or to or by nationals of Member States or entities organised under their laws, or persons or financial institutions within their jurisdiction, of any financial or other assets or resources, including bulk cash, that could contribute to the DPRK's nuclear-related, ballistic-missile-related or other weapons of mass destruction-related programmes or activities, or other activities prohibited by UNSCR 1718 (2006), 1874 (2009), 2087 (2013) 2094 (2013) or 2270 (2016) or by this Decision, or to the evasion of measures imposed by those UNSCRs or by this Decision, the following shall apply: No transfer or clearing of funds to or from the DPRK shall take place, except for transactions that fall within the scope of point (3) and have been authorised in accordance with point (4). Financial institutions under the jurisdiction of Member States shall not enter into, or continue to participate in, any transactions with: banks domiciled in the DPRK, including the Central Bank of the DPRK; branches or subsidiaries within the jurisdiction of the Member States of banks domiciled in the DPRK; branches or subsidiaries outside the jurisdiction of the Member States of banks domiciled in the DPRK; financial entities that are not domiciled in the DPRK, that are within the jurisdiction of the Member States and that are controlled by persons or entities domiciled in the DPRK; or financial entities that are not domiciled in the DPRK or are not within the jurisdiction of the Member States but are controlled by persons or entities domiciled in the DPRK, unless such transactions fall within the scope of point (3) and have been authorised in accordance with point (4). The following transactions may be carried out, subject to the prior authorisation referred to in point (4): transactions regarding foodstuffs, healthcare or medical equipment, or for agricultural or humanitarian purposes; transactions regarding personal remittances; transactions regarding the execution of the exemptions provided for in this Decision; transactions in connection with a specific trade contract not prohibited under this Decision; transactions regarding a diplomatic or consular mission or an international organisation enjoying immunities in accordance with international law, insofar as such transactions are intended to be used for official purposes of the diplomatic or consular mission or international organisation; transactions required exclusively for the implementation of projects funded by the Union or its Member States for development purposes directly addressing the need of the civilian population or the promotion of denuclearisation; transactions regarding payment to satisfy claims against the DPRK or DPRK persons or entities, on a case-by-case basis and subject to notification 10 days prior to authorisation, and transactions of a similar nature that do not contribute to activities prohibited under this Decision. Any transfer of funds to or from the DPRK for the transactions referred to in point (3) shall require prior authorisation by the competent authority of the Member State concerned if above EUR 15 000. The relevant Member State shall inform the other Member States of any authorisation granted. The prior authorisation referred to in point (4) shall not be required for any transfer of funds or transaction which is necessary for the official purposes of a diplomatic or consular mission of a Member State in the DPRK or an international organisation enjoying immunities in the DPRK in accordance with international law. Financial institutions shall be required, in their activities with banks and financial institutions as set out in point (2), to: exercise continuous vigilance over account activity, including through their programmes on customer due diligence and in accordance with their obligations relating to money-laundering and the financing of terrorism; require that all information fields of payment instructions which relate to the originator and the beneficiary of the transaction in question be completed and, if that information is not supplied, refuse the transaction; maintain all records of transactions for a period of five years and make them available to national authorities on request; promptly report their suspicions to the Financial Intelligence Unit (FIU) or another competent authority designated by the Member State concerned if they suspect, or have reasonable grounds to suspect, that funds contribute to the DPRK's nuclear-related, ballistic-missile related or other weapons of mass destruction-related programmes or activities; the FIU or other competent authority shall have access, directly or indirectly, on a timely basis to the financial, administrative and law-enforcement information that it requires to perform that function properly, including the analysis of suspicious transaction reports. Article 13a Member States shall consider companies performing financial services commensurate with those provided by banks as financial institutions for the purposes of implementing Articles 13, 14 and 24a. Article 14 1 The opening of branches, subsidiaries or representative offices of DPRK banks, including the Central Bank of the DPRK, its branches and subsidiaries, and of other financial entities referred to in Article 13, point 2, in the territories of Member States shall be prohibited. 2 Existing branches, subsidiaries and representative offices of the entities referred to in paragraph 1 in the territories of the Member States shall be closed within 90 days of the adoption of UNSCR 2270 (2016). 3 Unless approved in advance by the Sanctions Committee, it shall be prohibited for DPRK banks, including the Central Bank of the DPRK, its branches and subsidiaries, and for other financial entities referred to in Article 13, point 2, to: a establish new joint ventures with banks under the jurisdiction of Member States; b take an ownership interest in banks under the jurisdiction of Member States; or c establish or maintain correspondent banking relationships with banks under the jurisdiction of Member States. 4 Existing joint ventures, ownership interests and correspondent banking relationships with DPRK banks shall be terminated within 90 days of the adoption of UNSCR 2270 (2016). 5 Financial institutions within the territories of Member States or under their jurisdiction shall be prohibited from opening representative offices, subsidiaries, branches or banking accounts in the DPRK. 6 Existing representative offices, subsidiaries or banking accounts in the DPRK shall be closed within 90 days of the adoption of UNSCR 2321 (2016). 7 Paragraph 6 shall not apply if the Sanctions Committee determines on a case-by-case basis that such offices, subsidiaries or accounts are required for the delivery of humanitarian assistance, the activities of diplomatic missions in the DPRK pursuant to the Vienna Conventions on Diplomatic and Consular Relations, the activities of the UN or its specialised agencies or related organisations, or any other purposes in accordance with UNSCR 1718 (2006), 1874 (2009), 2087 (2013), 2094 (2013), 2270 (2016) or 2321 (2016). Article 15 The direct or indirect sale or purchase of, or brokering or assistance in the issuance of, DPRK public or public-guaranteed bonds issued after 18 February 2013 to or from the Government of the DPRK, its public bodies, corporations and agencies, the Central Bank of the DPRK, or banks domiciled in the DPRK, or branches and subsidiaries, within and outside the jurisdiction of Member States, of banks domiciled in the DPRK, or financial entities that are neither domiciled in the DPRK nor within the jurisdiction of the Member States, but are controlled by persons or entities domiciled in the DPRK, as well as any persons or entities acting on their behalf or at their direction, or entities owned or controlled by them, shall be prohibited. Substituted by Council Decision (CFSP) 2017/345 of 27 February 2017 amending Decision (CFSP) 2016/849 concerning restrictive measures against the Democratic People's Republic of Korea. Substituted by Council Decision (CFSP) 2017/1562 of 14 September 2017 amending Decision (CFSP) 2016/849 concerning restrictive measures against the Democratic People's Republic of Korea. Inserted by Council Decision (CFSP) 2017/1562 of 14 September 2017 amending Decision (CFSP) 2016/849 concerning restrictive measures against the Democratic People's Republic of Korea. Substituted by Council Decision (CFSP) 2017/1512 of 30 August 2017 amending Decision (CFSP) 2016/849 concerning restrictive measures against the Democratic People's Republic of Korea.