PART 9 U.K.Exceptions and licences

Transfers of funds: exceptions from prohibitions U.K.

83.—(1) The prohibitions in regulation 28 (transfers of funds etc.) are not contravened by a person making or receiving a transfer of funds which—

(a) relates to a transaction mentioned in paragraph (2), and

(b) is of a value of £13,000 or less.

(2) The transactions are—

(a) a transaction relating to foodstuffs, healthcare or medical equipment;

(b) a transaction for agricultural or humanitarian purposes;

(c) a transaction which by virtue of this Part [F1 or a licence] under this Part, does not contravene a prohibition in these Regulations;

(d) a transaction which relates to an activity which is mentioned in Part 6, and which is neither prohibited by that Part nor relates to anything prohibited by that Part;

(e) a transaction which is for the official purposes of a diplomatic or consular mission of the DPRK;

(f) transactions required exclusively for the implementation of projects which are funded by any part of the Government of the United Kingdom which are for—

(i) development purposes directly addressing the needs of the civilian population of the DPRK, or

(ii) the promotion of denuclearisation of the DPRK.

(3) The prohibitions in regulation 28 are not contravened by a person making or receiving a transfer of funds which—

(a) relates to a transaction regarding a personal remittance, and

(b) is of a value of £4,000 or less.

(4) The prohibitions in [F2 regulation] 28 are not contravened by a person making or receiving a transfer of funds or by a UK credit or financial institution carrying out any other transaction which is necessary for the official purposes of a diplomatic mission or consular post in the DPRK or an international organisation enjoying immunities in the DPRK in accordance with international law.

(5) In this regulation—

(a) a reference to an amount in pounds sterling includes a reference to the equivalent amount in another currency;

(b) a reference to a transfer of funds of a particular amount includes a transfer executed in several linked operations which appear to be linked, as well as a transfer executed in a single operation; and

(c) a reference to a transfer of funds includes the clearing of funds.

Textual Amendments

F1 Words in reg. 83(2)(c) substituted (31.12.2020 immediately after IP completion day) by The Sanctions (EU Exit) (Miscellaneous Amendments) Regulations 2020 (S.I. 2020/591), regs. 1(2), 2(10)(a); S.I. 2020/1514, reg. 5

F2 Word in reg. 83(4) substituted (31.12.2020 immediately after IP completion day) by The Sanctions (EU Exit) (Miscellaneous Amendments) Regulations 2020 (S.I. 2020/591), regs. 1(2), 2(10)(b); S.I. 2020/1514, reg. 5

Commencement Information

I1 Reg. 83 not in force at made date, see reg. 1(2)

I2 Reg. 83 in force at 31.12.2020 by S.I. 2019/627, reg. 7(2); 2020 c. 1, Sch. 5 para. 1(1)