Document ID: chunk:federal_register_of_legislation:F2018C00921:reg:8b
Version: federal_register_of_legislation:F2018C00921
Segment Type: reg
Provision Reference: reg 8B
Character Range: 29761–31194

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).