8BMinister may give notice requiring closure of a bank account

8B Minister may give notice requiring closure of a bank account

(1) The Minister may, by written notice, direct a person to close the person’s bank account if the account provider is: (a) a financial institution domiciled in the Democratic People’s Republic of Korea; or (b) a branch or subsidiary, wherever located, of a financial institution domiciled in the Democratic People’s Republic of Korea; or (c) a financial institution, wherever domiciled, that is controlled by an entity or a person domiciled in the Democratic People’s Republic of Korea. (3) The Minister need not give notice to a person under this regulation in respect of a bank account if the Committee has determined that the bank account: (a) is used to pay funds to ensure the delivery of humanitarian assistance; or (b) involves the activities of a diplomatic mission in the Democratic People’s Republic of Korea under the Vienna Convention on Diplomatic Relations; or (c) involves the activities of the United Nations, or a specialised agency or related organisation of the United Nations; or (d) is for a purpose that is consistent with Resolution 2321 or any other relevant Resolution of the Security Council.

Note: Paragraph (b)—the Vienna Convention on Diplomatic Relations is in Australian Treaty Series 1968 No. 3 ([1968] ATS 3) and could in 2016 be viewed in the Australian Treaties Library on the AustLII website (http://www.austlii.edu.au).