Charter of the United Nations (Sanctions — Democratic People’s Republic of Korea) Regulations 2008
8ASanctioned commercial activity
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8A Sanctioned commercial activity
(1) For the purposes of these Regulations, sanctioned commercial activity means: (a) the opening in Australia of a representative office of an entity or person mentioned in an item of the following table; or (b) the establishment in Australia of a branch or subsidiary of an entity or person mentioned in an item of the following table; or (c) the conclusion by a person of an agreement, for or on behalf of an entity or person mentioned in an item of the following table, related to: (i) the opening in Australia of a representative office of that entity or person; or (ii) the establishment in Australia of a branch or subsidiary of that entity or person.
| Item | Entity or person |
|---|---|
| 1 | A financial institution domiciled in the Democratic People’s Republic of Korea |
| 2 | A branch or subsidiary, wherever located, of a financial institution domiciled in the Democratic People’s Republic of Korea |
| 3 | A financial institution, wherever domiciled, that is controlled by an entity or person domiciled in the Democratic People’s Republic of Korea |
(2) For the purposes of these Regulations, sanctioned commercial activity also means: (a) the establishment by a financial institution of a joint venture with an entity or person mentioned in an item of the following table; or (b) the establishment by a financial institution of a correspondent banking relationship with an entity or person mentioned in an item of the following table; or (c) the opening by a financial institution of a representative office in the Democratic People’s Republic of Korea; or (d) the establishment by a financial institution of a branch or subsidiary in the Democratic People’s Republic of Korea; or (e) the opening by a financial institution of a bank account with an entity or person mentioned in an item of the following table; or (f) the acquisition or extension of an interest in an entity or person mentioned in an item of the following table by an Australian financial institution; or (g) the sale by a person of an interest in an entity or person mentioned in an item of the following table to an Australian financial institution; or (h) the making available by a person (other than by sale) of an interest in an entity or person mentioned in an item of the following table to an Australian financial institution.
| Item | Entity or person |
|---|---|