PART 2Funds and Economic Resources
F1Funds and economic resources: Government of Democratic People’s Republic of Korea and Worker’s Party of Korea7A
1
The Treasury may direct that the provisions of regulations 4 to 7 apply in relation to a person as if that person were a designated person.
2
The Treasury may only make a direction under paragraph (1)—
a
in respect of a person within a category listed in paragraph (3); and
b
when the conditions in paragraph (4) are satisfied.
3
Categories of persons in respect of whom a direction may be made are—
a
a person associated with the Government of the Democratic People’s Republic of Korea;
b
a person associated with the Worker’s Party of Korea;
c
a person acting on behalf or at the direction of any person within the categories listed in sub-paragraph (a) or (b); or
d
a person owned or controlled by any person listed within the categories in sub-paragraph (a) or (b).
4
The conditions in this paragraph are satisfied if—
a
funds and economic resources have been or are likely to be made available to a person for a purpose other than that of a diplomatic or consular mission, including a mission to the United Nations; and
b
the Treasury consider that the person is associated with nuclear-related, other weapons of mass destructions-related, or ballistic missile-related programmes, or other activities prohibited by the Council Regulation.
5
A credit or financial institution must inform the Treasury if it suspects that funds or economic resources have been or are likely to be made available to any person listed in a category in paragraph (3) for a purpose other than that of a diplomatic or consular mission.
6
Any direction made under paragraph (1) must be—
a
published by the Treasury on their website;
b
sent by the Treasury to one or more credit and financial institutions; or
c
sent by the Treasury to one or more other persons.