Japan Announces Sanctions on N. Korea

Japanese newspapers reported on September 15 that the Japanese government will begin financial sanctions on North Korea as early as September 19.

The Japanese government decided to freeze the financial assets of North Korea by operating the license system on the money transfer of financial accounts of individuals and organizations in Japan doubted to be related to the development of weapons of mass destruction by North Korea, based on the amended foreign exchange law.

The targets of restrictions are the 12 organizations formerly designated by the U.S. authority and one individual to begin with, but will be increased through collaborations with the U.S., Australia and South Korea. Most of the companies specified by the U.S. as restriction targets are financial institutions and trading companies such as the North Korea Mine Development Trade Company and Tanchon Commercial Bank.

It is known that the Japanese government will hold a cabinet conference on September 19 and take the ratification procedures in order to launch the financial sanctions within the term of Prime Minister Junichiro Koizumi.

sya@donga.com