(1) A credit or financial institution must, by 31st May 2016 -
(a) terminate any joint venture with;
(b) relinquish any ownership interest in; and
(c) terminate any correspondent banking relationship with;
a person falling within regulation 10(2).
(2) The Treasury may direct that a credit or financial institution must -
(a) close any bank account with a person falling within regulation 10(2); or
(b) close any branch, subsidiary, or representative office in the Democratic People’s Republic of Korea.
(3) The Treasury may make a direction under paragraph (2) only if they are satisfied that any such account, branch, subsidiary, or representative office could contribute to -
(a) the nuclear-related, other weapons of mass destructions-related, or ballistic missile-related programmes of the Democratic People’s Republic of Korea;
(b) other activities prohibited under the Council Regulation;
(c) other activities prohibited under Council Decision 2013/183/CSFP; or
(d) the circumvention