S. Korea bans financial transactions supporting DPRK

South Korea banned financial transactions with three individuals and four institutions of the third nationalities believed to have supported the Democratic People's Republic of Korea (DPRK) through arms trade, Yonhap News Agency reported Friday citing the foreign ministry.

The three individuals are Tsai Hsein Tai, Su Lu-Chi and Change Wen-Fu from China's Taiwan, and the four institutions are Global Interface Company Inc., Trans Merits Co. LTD and Trans Multi Mechanics Co. LTD of Taiwan and Scientific Studies and Research Center of Syria.

Those were designated separately from sanctions imposed by the U.N. Security Council, which has already banned financial transactions with 32 DPRK figures, including 12 individuals and 20 institutions.

The fresh designations will be announced through an official gazette and take effect from Friday.

South Korean people and companies will be prohibited from foreign exchange transactions with those designated. If they want to do, they should receive permits, in advance, from the governor of the Bank of Korea (BOK).

If anyone violates the ban, they would get a prison term of up to three years or fines of up to 300 million won (270,000 U.S. dollars).