Restrictions on commercial activities

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).

Implementing legislation

Regulations 4, 8A, 11B and 14G of the Charter of the United Nations (Sanctions — Democratic People’s Republic of Korea) Regulations 2008

Last Updated: 30 November 2016