South Korea on Friday imposed financial sanctions on six Taiwanese individuals and entities and a Syrian institution over suspicions that they traded arms and gave support to North Korea.
The Taiwanese people are Tsai Hsein Tai, Su Lu-Chi and Chang Wen-Fu and the organizations are Global Interface Company Inc., Trans Merits Co. and Trans Multi Mechanics Co., the Foreign and Finance Ministries said in a statement. Syria’s Scientific Studies and Research Center was also put on the list.
Based on the country’s foreign currency transactions act, the ban took effect immediately.
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A group of conservative activists hold a rally against North Korea and its nuclear weapon development program in Seoul, Thursday. (Yonhap) |
The newly blacklisted entities have not been subject to sanctions levied by the U.N. Security Council. Currently 32 North Korean persons and institutions are under international bans.
The decision targets those who “indirectly support North Korea such as through arms trade,” the ministries said.
“The U.S., Japan, Australia and other countries have been imposing financial sanctions on entities from third countries with ties to North Korea’s nuclear development and weapons dealings, other than those subjected to the U.N. Security Council sanctions,” they said.
Under the measure, any South Korean individual or business must secure approval from the governor of the Bank of Korea before engaging in financial transactions with them, the agencies noted.
Violators will face up to three years in prison or a maximum of 300 million won ($270,000) in fines.
By Shin Hyon-hee (
heeshin@heraldcorp.com)
