This page summarises Australia’s current restrictions on holding a bank account with a DPRK financial institution.
UNSC sanctions regime
The Minister for Foreign Affairs may, by written notice, direct a person to close a bank account if:
- the account provider 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; and
- the Minister has reasonable grounds to believe that the person’s holding of the bank account could contribute to:
- the nuclear or ballistic missile programs or other weapons of mass destruction programs of the DPRK; or
- activities prohibited by any United Nations Security Council Resolution regarding the DPRK.
A person who receives a direction from the Minister to close a bank account must comply with that direction.
The Minister need not give such a direction if the Committee has determined that the account:
- is used to pay funds to ensure the delivery of humanitarian assistance;
- involves the activities of a diplomatic mission in the DPRK;
- involves the activities of the UN or a specialized agency or related organization of the UN; or
- is for a purpose consistent with a United Nations Security Council Resolution regarding the DPRK.
Regulations 4, 8B and 11C of the Charter of the United Nations (Sanctions — Democratic People’s Republic of Korea) Regulations 2008