(1) Subject to paragraph (3) 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) a credit and financial institution falling within the scope of Article 16 of the Council Regulation must not enter into, or continue to participate in, any transaction with-
(a) credit and financial institutions domiciled in the Democratic People's Republic of Korea;
(b) branches or subsidiaries falling within the scope of Article 16 of the Council Regulation of credit and financial institutions domiciled in the Democratic People's Republic of Korea, as listed in Annex VI to the Council Regulation;
(c) branches or subsidiaries falling outside of the scope of Article 16 of the Council Regulation of credit and financial institutions domiciled in the Democratic People's Republic of Korea, as listed in Annex VI to the Council Regulation;
(d) credit and financial institutions that are neither domic