Hong Kong Regulations

UNITED NATIONS SANCTIONS (DEMOCRATIC PEOPLE'S REPUBLIC OF KOREA) REGULATION - SECT 11

Licence for making available funds, etc. to certain persons or entities

PART 3

LICENCE

(1) If it is proved to the satisfaction of the Chief Executive that any one of
the requirements in subsection (2) is met, the Chief Executive shall, on
application, grant a licence for making available funds or other financial
assets or economic resources to or for the benefit of a relevant person or a
relevant entity.

(2) The requirements referred to in subsection (1) are as follows—

   (a)  the funds or other financial assets or economic resources have been
        determined by the Chief Executive to be—

        (i)    necessary for basic expenses, including payment for foodstuffs,
               rents, mortgages, medicines and medical treatments, taxes,
               insurance premiums, and public utility charges; or

        (ii)   exclusively for payment of reasonable professional fees or
               reimbursement of incurred expenses associated with the
               provision of legal services,
and the Committee has been notified by the Chief Executive of the intention to
authorize, where appropriate, access to such funds or other financial assets
or economic resources, and the Committee has not made a negative decision
within 5 working days of such notification;

   (b)  the funds or other financial assets or economic resources have been
        determined by the Chief Executive to be necessary for extraordinary
        expenses, and the Committee has been notified by the Chief Executive
        of the determination, and the Committee has approved the
        determination;

   (c)  the funds or other financial assets or economic resources have been
        determined by the Chief Executive to be the subject of a judicial,
        administrative or arbitral lien or judgment, and the lien or
        judgment—

        (i)    was entered prior to 14 October 2006;

        (ii)   is not for the benefit of a relevant person or a relevant
               entity or an individual or entity identified by the Committee
               or the Security Council; and

        (iii)  has been notified by the Chief Executive to the Committee.

(3) A licence granted by the Chief Executive under subsection (1), on his
being satisfied that the requirements in subsection (2)(c) are met, shall only
authorize that the funds or other financial assets or economic resources be
used to satisfy the relevant lien or judgment.