14Permit for assets and controlled assets

14 Permit for assets and controlled assets

(1) The Minister may grant a person a permit authorising: (a) the making available of an asset to a person or entity that would otherwise contravene subregulation 12(2); or (b) a use of, or dealing with, a controlled asset.

Note: Section 13A of the Act applies to a permit granted by the Minister under this subregulation.

(2) If an application is made for a permit, the application must specify whether it is an application for: (a) a basic expense dealing; or (b) a legally required dealing; or (c) an extraordinary expense dealing.

Note: For the meanings of the permissible dealings mentioned in paragraphs (a), (b) and (c), see regulation 5 of the Charter of the United Nations (Dealing with Assets) Regulations 2008.

(5) If the application is for a basic expense dealing, the Minister: (a) must notify the Committee of the application; and (b) may grant a permit only if 5 working days have passed since the notice was given, and the Committee has not advised against granting a permit to the applicant. (6) If the application is for a legally required dealing, the Minister must notify the Committee of the application before granting a permit. (7) If the application is for an extraordinary expense dealing, the Minister: (a) must notify the Committee of the application; and (b) may grant a permit only with the approval of the Committee.

Note: Part 2 of the Charter of the United Nations (Dealing with Assets) Regulations 2008 applies to these Regulations.

(8) However, subregulations (2), (5), (6) and (7) do not apply in relation to an application for a permit authorising: (a) the making available of an asset to a person or entity designated by the Minister under regulation 4A; or (b) a use of, or dealing with, an asset that would be a controlled asset referred to in paragraph (a) or (b) of the definition of controlled asset in regulation 4 if each reference to a designated person or entity in those paragraphs were a reference only to a person or entity designated by the Minister under regulation 4A; if: (c) the asset is required to carry out activities of: (i) the Democratic People’s Republic of Korea’s missions to the United Nations, or a specialised agency or related organisation of the United Nations; or (ii) other diplomatic or consular missions of the Democratic People’s Republic of Korea; or (d) the Committee has determined in advance that the asset is required for the delivery of humanitarian assistance, denuclearisation or any other purpose consistent with the objectives of Resolution 2270. (9) Also, subregulations (2), (5), (6) and (7) do not apply in relation to an application for a permit authorising a financial transaction with the Foreign Trade Bank of the Democratic People’s Republic of Korea or the Korea National Insurance Corporation if the transaction is solely for the purposes of: (a) the operation of a diplomatic or consular mission in the Democratic People’s Republic of Korea; or (b) the delivery of humanitarian assistance by, or in coordination with, the United Nations.