Division 1Prohibition against trade and commerce and engaging in financial transactions
(1) A person shall not, knowingly, whether directly or indirectly, engage in trade, commerce or financial transactions with a proscribed country that is prohibited from engaging in the activities specified under Schedule 3 or 4.
(2) Notwithstanding subsection (1), a person may engage in trade, commerce or financial transactions, in respect of the activities specified under Schedule 3 or 4, as the case may be, if that person —
(a) in the case of activities specified under Schedule 3, obtains prior approval of the relevant United Nations Security Council Committee and a permit granted under section 28;
(b) in the case of activities specified under Schedule 4, obtains prior approval from the relevant United Nations Security Council Committee.
(3) A person who contravenes subsection (1) commits an offence and is liable, on conviction on indictment, to a fine not exceeding one million dollars or to imprisonment for a term not exceeding twenty-five years or both.
(4) A body corporate commits an offence and is liable, on conviction on indictment, to a fine not exceeding two million dollars if it exercises control over another body corporate that has contravened subsection (1).
Division 2Permits