Search Legislation

The Democratic People’s Republic of Korea (European Union Financial Sanctions) (Amendment) (No. 5) Regulations 2017

 Help about what version

What Version

 Help about opening options

Opening Options

Status:

This is the original version (as it was originally made).

Statutory Instruments

2017 No. 999

Criminal Law

The Democratic People’s Republic of Korea (European Union Financial Sanctions) (Amendment) (No. 5) Regulations 2017

Made

at 10.30 a.m. on 18th October 2017

Laid before Parliament

at 2.30 p.m. on 18th October 2017

Coming into force

at 3.00 p.m. on 18th October 2017

The Treasury are designated(1) for the purpose of section 2(2) of the European Communities Act 1972(2) in relation to restrictive measures against persons or bodies listed by an international organisation.

The Treasury, in exercise of the powers conferred by section 2(2) of the European Communities Act 1972, make the following Regulations.

Citation and commencement

1.  These Regulations may be cited as the Democratic People’s Republic of Korea (European Union Financial Sanctions) (Amendment) (No. 5) Regulations 2017 and come into force at 3.00 p.m. on 18th October 2017.

Amendments to the Democratic People’s Republic of Korea (European Union Financial Sanctions) Regulations 2017

2.—(1) The Democratic People’s Republic of Korea (European Union Financial Sanctions) Regulations 2017(3) are amended as follows.

(2) In regulation 18 (investment and commercial activities)—

(a)for paragraph (3) substitute—

(3) A person must not establish, maintain or operate a joint venture or a co-operative entity with a person, entity or body—

(i)listed in paragraph (6); or

(ii)domiciled in the Democratic People’s Republic of Korea;.

(b)for paragraph (4) substitute—

(4) A person must not take, acquire, maintain or extend any ownership interest in a person, entity or body—

(i)listed in paragraph (6); or

(ii)domiciled in the Democratic People’s Republic of Korea.

(4A) A person must not take, acquire, maintain or extend any ownership interest in activities or assets in the Democratic People’s Republic of Korea..

(3) In paragraph (5) for “(2) to (4)” substitute “(2) to (4A)”.

(4) In regulation 19 (transfers of funds)—

(a)omit paragraph (4)(c);

(b)after paragraph (4) insert—

(4A) The prohibitions in paragraphs (1) and (2) do not apply to transactions regarding personal remittances, provided that they involve a transfer of funds for amounts equal to or less than €5,000.

(4B) A transfer related to a personal remittance where the value of transfer is over €5,000 may be made if P or the institution has obtained authorisation from the Treasury..

(5) In regulation 20(1) (authorisations) after “19(3)” insert “or (4B)”.

(6) In regulation 23(1) (licences) replace “18(3) and (4)” with “18(3) to (4A)”.

David Rutley

Mark Spencer

Two of the Lords Commissioners of Her Majesty’s Treasury

At 10:30 a.m. on 18th October 2017

EXPLANATORY NOTE

(This note is not part of the Regulations)

These Regulations amend regulations which make provision relating to the enforcement of Council Regulation (EU) 2017/1509 of 30th August 2017 (OJ L 224, 31.8.2017, p1) concerning restrictive measures against the Democratic People’s Republic of Korea and repealing Regulation (EC) No 329/2007 (“the 2017 Council Regulation”).

The measures include the freezing of funds and economic resources of designated persons and ensure that funds and economic resources are not made available to designated persons or for their benefit. They also include financial sanctions measures.

The 2017 Council Regulation has recently been amended by Council Regulation (EU) 2017/1858 of 16th October 2017 (OJ L 2651, 16.10.2017, p1). These Regulations amend the Democratic People’s Republic of Korea (European Union Financial Sanctions) Regulations 2017 (S.I. 2017/218) to include the most recent changes to the 2017 Council Regulation.

An impact assessment has not been prepared for this instrument because no impact on private or voluntary sector is foreseen.

A list of designated persons is available at: www.gov.uk/government/publications/financial-sanctions-consolidated-list-of-targets or can be obtained from the Office of Financial Sanctions Implementation, H.M. Treasury, 1 Horse Guards Road, London SW1A 2HQ.

Further information is available from the Office of Financial Sanctions Implementation at the above address and on H.M. Treasury website (www.gov.uk/government/organisation/hm-treasury).

(2)

1972 c.68. Section 2(2) was amended by the Legislative and Regulatory Reform Act 2006 (c.51), section 27(1)(a) and the European Union (Amendment) Act 2008 (c.7), Schedule, Part 1. Paragraph 1(1)(d) of Schedule 2 to the 1972 Act is modified by section 144 of the Policing and Crime Act 2017 (c.3), in relation to the exercise of the powers conferred by section 2(2) of the 1972 Act, for the purposes of implementing, or otherwise in relation to, EU obligations created or arising by or under an EU financial sanctions Regulation, as defined by section 143 of the 2017 Act.

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Memorandum

Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as made version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources