This page summarises Australia’s current restrictions on commercial activities with respect to the DPRK.
UNSC sanctions regime
1. Australian law prohibits:
- the opening in Australia of a representative office, or the establishment in Australia of a branch or subsidiary, of:
- the conclusion of an agreement related to the matters mentioned above, for or on behalf of:
- the establishment by a financial institution of a joint venture, or a correspondent banking relationship, with:
- the opening by a financial institution of a bank account with:
- the acquisition or extension of an interest in an Australian financial institution by: and
- the sale, or otherwise making available, of an interest in an Australian financial institution to:
an entity that is:
- a financial institution domiciled in the DPRK;
- a branch or subsidiary, wherever located, of a financial institution domiciled in the DPRK; or
- a financial institution, wherever domiciled, that is controlled by an entity or person domiciled in the DPRK,
without a sanctions permit.
2. Australian law also prohibits financial institutions from opening a representative office, branch or subsidiary in the DPRK.
Conditions for the grant of a sanctions permit
The Minister for Foreign Affairs may grant a sanctions permit authorising a person to engage in a sanctioned commercial activity. The Minister may only grant a permit if the sanctioned commercial activity has been approved in advance by the Committee.
If you assess that your activity could satisfy these conditions, you may apply for a sanctions permit using the Online Sanctions Administration System (OSAS).
Regulations 4, 8A, 11B and 14G of the Charter of the United Nations (Sanctions — Democratic People’s Republic of Korea) Regulations 2008