Seoul imposes sanctions on 18 individuals over North Korea

Nov 06, 2017, 09:25 am

By AsiaToday reporter Heo Go-woon

South Korea announced Monday that it will impose sanctions on 18 North Korean individuals of the financial institutions for alleged involvement in North Korea's missile development.

"We have been in close consultation with the countries concerned to ensure the faithful implementation of UN Security Council sanctions against North Korea," said the government. "In order to block financial transactions aimed at developing North Korea's weapons of mass destruction (WMD) and ballistic missiles, the government has additionally designated 18 officials of financial institutions sanctioned by the United Nations Security Council as targets for our own sanctions."

Among the China-based financial institutions, those officials to be sanctioned include Kim Dong-chul, Goh Chul-man, Rhee Choon-hwan, Rhee Choon-sung, and Choi Seok-min from the Foreign Trade Bank of the Democratic People's Republic of Korea, Bae Won-wook, Kang Min, Kim Sang-ho, and Park Moon-il from the Korea Daesong Bank, Kim Jeong-man and Kim Hyeok-cheol from the Korea United Development Bank, Bang Soo-nam and Park Bong-nam from the Ilsim International Bank, and Moon Kyeong-hwan from the Bank of East Land.

As for the financial institutions in Russia, the list of individuals include Joo Hyuk from the Foreign Trade Bank of the Democratic People's Republic of Korea and Rhee Eun-seong from the Korea United Development Bank. Among the Libya-based financial institutions, the individuals to be sanctioned include Koo Ja-hyeong and Kim Kyeong-il from the Foreign Trade Bank of the Democratic People's Republic of Korea.

The individuals are known to have been involved in funding North Korea's WMD development while acting as representatives for North Korean banks across the globe.

"The latest action is expected to block the sources of illegal North Korean funds and help alert the domestic and international community about the danger of doing business with the blacklisted individuals. It is also expected to contribute to further strengthening the international community's resolve to enforce UNSC resolutions," the government said.

In addition, the government stressed, "We will continue our efforts to solve the North Korean issue peacefully by drawing a dialogue from the North through sanctions and pressure."

Some point out that the government's own sanctions are ineffective since inter-Korean exchanges have stopped. However, many claim that there is a symbolic effect of strengthening cooperation with the United States ahead of U.S. President Donald Trump's visit to the country.

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