Remittance to N. Korea may be possible through South institutions

It is forecasted that remittance to North Korea by South Korean financial institutions will soon be possible.

Ministry of Unification exchange support bureau chief Hong Yang-Ho revealed that the rules governing remittance to North Korea, which currently allow remittance only through third-nation financial institutions or by hand delivery, will be expanded to include domestic financial institutions.

Bureau chief Hong remarked that it would be appropriate for local financial institutions to begin remittance to North Korea with small amounts of money in consideration of North Korean family income levels, the transparency of remittances and the diverting of funds by North Korea for ulterior uses. The specific time frame for the launch of the scheme is under consideration.

Since remittance to North Korea was permitted through third-nation banks or hand delivery, a total of US$1.3 million was sent as of September this year.