Regulations Implementing the United Nations Resolutions on the Democratic People’s Republic of Korea (DPRK)

Marginal note:Exemption for property

• 14 (1) A person whose property has been affected by the application of section 3 may apply to the Minister in writing for a certificate to exempt the property from the application of that section if the property

  • (a) is necessary for basic or extraordinary expenses; or

  • (b) is subject to a lien, mortgage or security interest, to a hypothec or prior claim, to a charge or to a judicial, administrative or arbitral decision.

• Marginal note:Certificate — subsection (1)

  (2) If it is established in accordance with Security Council Resolution 1718 that the property is necessary for basic or extraordinary expenses or is subject to a lien, mortgage or security interest, to a hypothec or prior claim, to a charge or to a judicial, administrative or arbitral decision, the Minister must issue a certificate within the following deadlines:

  • (a) within 15 working days after receiving the application, in the case of property that is necessary for basic expenses, if the Committee of the Security Council does not oppose the application;

  • (b) within 30 working days after receiving the application, in the case of property that is necessary for extraordinary expenses, if the Committee of the Security Council approves the application; and

  • (c) within 90 days after receiving the application, in the case of property that is subject to a lien, mortgage or security interest, to a hypothec or prior claim, to a charge or to a judicial, administrative or arbitral decision that

    • (i) was created or issued before the coming into force of these Regulations,

    • (ii) is not for the benefit of a designated person, and

    • (iii) has been brought to the attention of the Committee of the Security Council by the Minister.