Companies should observe arms embargo lists, advise officials
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.