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Japan Toughens Financial Sanctions on N. Korea

Posted May. 29, 2010 09:58,   


The Japanese Cabinet decided Friday to toughen sanctions on North Korea by strictly regulating the inflow of money into the communist country.

The move marks Tokyo’s independent sanctions on Pyongyang following the North’s torpedo attack on the South Korean warship Cheonan March 26.

Under the new sanctions, a cash transfer of three million yen or more to the North must be reported to the Japanese finance minister, down from 10 million yen. A Japanese national who visits North Korea carrying 100,000 yen or more must report this to authorities, down from 300,000 yen.

The measures are aimed at blocking cashflow into the North.

Tokyo will also tighten the implementation of trade sanctions on Pyongyang. Japanese Prime Minister Yukio Hatoyama told the Cabinet to make organized efforts to prevent trade with the North via a third country.

Chief Cabinet Secretary Hirofumi Hirano told a news conference after the Cabinet meeting that Tokyo decided to take swift sanctions because Pyongyang attacked the Cheonan without taking concrete steps to comprehensively resolve its past abductions of Japanese citizens and nuclear and missile development.

Taken ahead of the trilateral summit among South Korea, China and Japan this weekend, the sanctions are also intended to prod Beijing to join international sanctions on Pyongyang.

Certain experts say Japan`s latest moves will a limited impact on the North, however, as Japan has imposed stringent sanctions on the communist country since Pyongyang conducted nuclear and ballistic missile tests.