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S. Korea blacklists foreigners with ties to N. Korea

June 26, 2015

SEOUL, June 26 (Yonhap) — 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.

It is the first time that the government has taken such a punitive step against foreigners and groups who are not from North Korea, in a bid to put pressure on the nuclear-armed communist neighbor.

Officials said there is “evidence of illegal ties” between those blacklisted and the North.

“It’s evident that they are involved in weapons trade with North Korea. They have already faced U.S. sanctions,” a ministry official said, requesting anonymity. “We have shared related information sufficiently with the ally and international organizations.”

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 (US$270,000) in fines.