Com­pa­nies should ob­serve arms em­bargo lists, ad­vise of­fi­cials

The China Post - - LOCAL -

Lo­cal firms should check whether their trad­ing part­ners are on in­ter­na­tional arms em­bargo lists, par­tic­u­larly en­ti­ties in Iran or North Korea, or run the risk of be­ing pe­nal­ized by the gov­ern­ment or sanc­tioned by for­eign coun­tries, the Bureau of For­eign Trade said on Sun­day.

Three Tai­wanese busi­ness­men, three Tai­wanese firms and a Syr­ian com­pany with ties to North Korea were sanc­tioned by the South Korea author­i­ties on Fri­day.

Those who ex­port strate­gic high-tech goods to en­ti­ties in Iran or North Korea on arms em­bargo lists may face a jail term less than five- years and/or a fine of NT$1.5 mil­lion (US$48,385) ac­cord­ing to the For­eign Trade Act, the bureau said.

Be­fore con­duct­ing trans­ac­tions, com­pa­nies should check the Sen­si­tive Com­modi­ties List for Ex­port­ing to Iran and North Korea, the Euro­pean Union’s List for the Con­trol of Ex­ports, Trans­fer, Bro­ker­ing and Transit of Dual-Use Items and the En­tity List of Ex­port Con­trol, the bureau said.

The sanc­tioned busi­ness­men are Tsai Hsien-tai, Su Lu-chi and Chang Wen-fu, the firms Global In­ter­face Com­pany Inc., Trans Mer­its Co. Ltd. and Trans Multi Me­chan­ics Co. Ltd.

Tsai pleaded guilty in a U. S. Fed­eral Court in Chicago last Oc­to­ber and ad­mit­ted to hav­ing en­gaged in illegal busi­ness trans­ac­tions in­volv­ing the ex­port of goods and ma­chin­ery orig­i­nat­ing from the United States, ac­cord­ing to re­ports that ap­peared in South Korean media.

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