SINGAPORE, -- Singapore has prohibited all commercially traded goods, including exchanged for money or barter traded from North Korea, whether they are imported, exported, transshipped or brought in transit through the republic from Nov 8.
In a circular to traders and declaring agents dated Nov 7, the Singapore Customs stated that for non-commercial transactions from or to North Korea, prohibition applies to goods that were sanctioned under respective United Nations Security Council (UNSC) Resolutions.
It noted that any person, who contravenes any of the prohibitions, will be fined not exceeding S$100,000 (S$1=RM3.10) or three times the value of the goods in respect of which the offence was committed, whichever is the greater, or to imprisonment not exceeding two years or both, upon the first conviction.
A fine of not exceeding S$200,000 or four times the value of the goods in respect of which the offence was committed, whichever is the greater, or to imprisonment not exceeding three years or both, upon the second or subsequent conviction.
The two pages circular, which was available on its website, was signed by Fauziah A. Sani, Head Trade Strategy & Security for Director-General of Customs, Singapore Customs.
Singapore is North Korea's seventh largest trading partner.
Source: NAM NEWS NETWORK