11CProhibitions relating to holding a bank account

11C Prohibitions relating to holding a bank account

(1) A person contravenes this regulation if: (a) the person holds a bank account; and (b) the account provider is: (i) a financial institution domiciled in the Democratic People’s Republic of Korea; or (ii) a branch or subsidiary, wherever located, of a financial institution domiciled in the Democratic People’s Republic of Korea; or (iii) a financial institution, wherever domiciled, that is controlled by an entity or person domiciled in the Democratic People’s Republic of Korea; and (c) the Minister has directed the person, by written notice under regulation 8B, to close the bank account; and (d) the person fails to comply with the notice.

Note: Paragraph (c)—see subregulation (4).

(2) Section 15.1 of the Criminal Code applies to an offence under section 27 of the Act that relates to a contravention of subregulation (1).

Note: This has the effect that the offence has extraterritorial operation.

(3) A body corporate contravenes this regulation if: (a) the body corporate has effective control over the actions of another body corporate or entity wherever incorporated or situated; and (b) the other body corporate or entity holds a bank account; and (c) the account provider is: (i) a financial institution domiciled in the Democratic People’s Republic of Korea; or (ii) a branch or subsidiary, wherever located, of a financial institution domiciled in the Democratic People’s Republic of Korea; or (iii) a financial institution, wherever domiciled, that is controlled by an entity or person domiciled in the Democratic People’s Republic of Korea; and (d) the Minister has directed the other body corporate or entity, by written notice under regulation 8B, to close the bank account; and (e) the other body corporate or entity fails to comply with the notice.

Note: Paragraph (d)—see subregulation (4).

(4) Strict liability applies to paragraphs (1)(c) and (3)(d).

Note 1: For strict liability, see section 6.1 of the Criminal Code.

Note 2: This regulation is a UN sanction enforcement law as specified by the Minister under the Charter of the United Nations (UN Sanction Enforcement Law) Declaration 2008.