Document ID: chunk:federal_register_of_legislation:F2018C00921:reg:11c
Version: federal_register_of_legislation:F2018C00921
Segment Type: reg
Provision Reference: reg 11C
Character Range: 48990–51183

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.