(1) Subject to paragraph (3) or paragraph (5) a person ("P") must not make a transfer of funds to, or receive a transfer of funds from, the Democratic People’s Republic of Korea.
(2) Subject to paragraph (3) or paragraph (5) a credit or financial institution falling within the scope of Article 1 of the Council Regulation must not enter into, or continue to participate in, any transaction with -
(a) credit or financial institutions domiciled in the Democratic People’s Republic of Korea;
(b) branches or subsidiaries, wherever located, of credit or financial institutions domiciled in the Democratic People’s Republic of Korea;
(c) credit or financial institutions that are not domiciled in the Democratic People's Republic of Korea but are controlled by persons, entities or bodies domiciled in the Democratic People's Republic of Korea.
(3) A transfer of funds may be made -
(a) where the value of the transfer is €15,000 or less, if the transfer relates to a transaction mentioned