S.I. No. 547/2013 - Financial Transfers (Democratic People's Republic of Korea) (Prohibition) Order 2013.

1. This Order may be cited as the Financial Transfers (Democratic People’s Republic of Korea) (Prohibition) Order 2013.

2. (1) In this Order “Council Regulation” means Council Regulation (EC) No. 329/2007 of 27 March 2007

1

, as amended by—

(

a

) Commission Regulation (EC) No. 689/2009 of 29 July 2009

3

,

(

b

) Council Regulation (EU) No. 1283/2009 of 22 December 2009

4

,

(

c

) Council Regulation (EU) No. 567/2010 of 29 June 2010

5

,

(

d

) Commission Regulation (EU) No. 1251/2010 of 22 December 2010

6

,

(

e

) Commission Implementing Regulation (EU) No. 1355/2011 of 20 December 2011

7

,

(

f

) Commission Implementing Regulation (EU) No. 137/2013 of 18 February 2013

8

,

(

g

) Council Regulation (EU) No. 296/2013 of 26 March 2013

9

,

(

h

) Commission Implementing Regulation (EU) No. 370/2013 of 22 April 2013

10

, and

(

i

) Council Regulation (EU) No. 696/2013 of 22 July 2013

2

.

(2) A word or expression used in this Order that is also used in the Council Regulation has, unless the context otherwise requires, the same meaning in this Order as it has in the Council Regulation.

3. For the purposes of this Order and the Council Regulation the Central Bank of Ireland shall be the competent authority in the State.

4. Subject to Article 5, a person shall not make a financial transfer between the State and another country the effect of which would be to enable or facilitate, directly or indirectly, the doing of anything which is a contravention of the Council Regulation.

5. Notwithstanding Article 4, a person who has been granted or is deemed to have been granted an authorisation under Article 3, 5, 7 or 8 of the Council Regulation may, subject to compliance with the terms and conditions of it, do such of the things as are so authorised.

6. The Central Bank of Ireland may, for the purposes of supervision of financial transfers and for the administration and enforcement of the Council Regulation or this Order, give such directions or issue such instructions to a person as it sees fit.

7. A person to whom a direction has been given or an instruction issued under Article 6 of this Order shall comply with such direction or instruction.

8. A person shall not do anything to directly or indirectly assist in the circumvention of the provisions of this Order.

9. The Financial Transfers (Democratic People’s Republic of Korea) (Prohibition) Order 2012 (

S.I. No. 67 of 2012

) is revoked.

GIVEN under my Official Seal,

18 December 2013.

MICHAEL NOONAN,

Minister for Finance.

EXPLANATORY NOTE

(This note is not part of the Instrument and does not purport to be a legal interpretation.)

This Order gives full effect to Commission Implementing Regulation (EU) No. 137/2013 of 18 February 2013, Council Regulation (EU) No. 296/2013 of 26 March 2013, Commission Implementing Regulation (EU) No. 370/2013 of 22 April 2013, and Council Regulation (EU) No. 696/2013 of 22 July 2013.

The updated Order provides for enforcement of financial sanctions contained in Council Regulation (EC) No. 329/2007 of 27 March 2007 concerning restrictive measures against the Democratic People’s Republic of Korea (North Korea). The sanctions include a prohibition on the provision of financial assistance related to the export of certain military equipment and to the sale of certain luxury goods to North Korea.

The Order also provides that the Central Bank of Ireland may issue instructions for the purpose of giving full effect to the financial sanctions.

The

Financial Transfers Act 1992

allows for control of financial transfers between the State and other countries, creates an offence for breach of the provisions of any Order made under it and provides for appropriate penalties.

1 OJ No. L 88, 29.3.07, p. 1

2 OJ No. L 198, 23.7.13, p. 22

3 OJ No. L 199, 31.7.09, p. 3

4 OJ No. L 346, 23.12.09, p. 1

5 OJ No. L 163, 30.6.10, p. 15

6 OJ No. L 341, 23.12.10, p. 15

7 OJ No. L 338, 21.12.11, p. 39

8 OJ No. L 46, 19.2.13, p. 19

9 OJ No. L 90, 28.3.13, p. 4

10 OJ No. L 111, 23.4.13, p. 43

Notice of the making of this Statutory Instrument was published in

“Iris Oifigiúil” of

3

rd January

, 2014.

I, MICHAEL NOONAN, Minister for Finance, in exercise of the powers conferred on me by

section 4

of the

Financial Transfers Act 1992

(No. 27 of 1992) and for the purpose of giving full effect to Council Regulation (EC) No. 329/2007 of 27 March 2007

1

, as last amended by Council Regulation (EU) No. 696/2013 of 22 July 2013

2

, hereby order as follows