Korea Republic blacklists foreigners with ties to Korea DPR

Korea RepublicKorea DPR

South Korea imposed financial sanctions Friday on six Taiwanese individuals and entities for their alleged arms trade with North Korea.

Syria’s Scientific Studies and Research Center was also put on the blacklist, the Foreign Ministry said in a statement.

The Taiwanese organizations are Global Interface Company Inc., Trans Merits Co. and Trans Multi Mechanics Co., it said. The blacklisted figures are Tsai Hsein Tai, Su Lu-Chi and Chang Wen-Fu.

Currently, they all are not affected by the U.N. sanctions on Pyongyang.

South Korea’s measure, which went into effect immediately, is based on the country’s foreign currency transactions law.

South Korean people and firms should receive approval from the head of the Bank of Korea for financial transactions with them.

Violators will face a prison term of up to three years or a maximum of 300 million won ($270,000) in fines. (Yonhap)

The Korea Herald

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