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ROK Government Designates Suspected Weapons Traders with North Korea as Financial Sanctions Targets
- Date
- 2015-06-26
- hit
- 23056
1. On June 26, the government designated as financial sanctions targets the following seven individuals and entities of third countries, which are indirectly rendering assistance to North Korea through weapons trade, in addition to those designated by the UN Security Council.
|
Nationality |
Individuals |
Entities |
|
Taiwan |
-Tsai, Hsein Tai -Su, Lu-Chi -Chang, Wen-Fu |
-Global Interface Co. Inc. -Trans Merits Co. Ltd. -Trans Multi Mechanics Co. Ltd. |
|
Syria |
|
-Scientific Studies and Research Center |
◦ The government had already designated a total of 32 individuals and entities of North Korea as financial sanctions targets, which are also subject to the UN Security Council sanctions.
2. The decision will be published in the official gazette dated June 26, becoming effective on the same day.
3. Under the Foreign Exchange Transactions Act, nationals and enterprises of the Republic of Korea are required to win approval from the Governor of the Bank of Korea before they can make payments to or receive payments from the aforementioned new financial sanctions targets from third countries.
◦ Those who make or receive payments without approval can face punishment for violating the Foreign Exchange Transactions Act.
* unofficial translation