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Japan Plans for Additional North Korea Sanctions
Japan announced today that it planned to impose new financial sanctions against North Korea in the wake of Pyongyang’s missile tests earlier this month, Agence France-Presse reported (see GSN, July 17). Finance Minister Sadakazu Tanigaki said Tokyo might further limit asset transfers from Japan to North Korea. Measures reportedly being considered include freezing Pyongyang’s Japan-based assets, as well as barring cash remittances to North Korea from Korean nationals residing in Japan, according to AFP. Japanese residents last year passed $25 million in money and merchandise to people in North Korea. “We have ordered ministries and agencies concerned to start work so that we can take necessary measures related to regulating transfer of financial assets at an appropriate time,” said Chief Cabinet Secretary Shinzo Abe. “We will continue the (existing) strict measures related to export control over North Korea’s missile programs and nonproliferation of nuclear weapons,” he said. Any unilateral move by Tokyo is unlikely to have much effect on North Korea’s economy, since most of its trade is with China and South Korea, AFP reported. “Economic sanctions are not effective if only done by one country,” said Justice Minister Seiken Sugiura. “If we were to do it, it is most effective when executed through international cooperation” (Agence France-Presse/Yahoo!News, July 18).
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