Sri Lanka citizens, firms barred from trading with North Korea under UN sanctions

ECONOMYNEXT – Sri Lankan citizens and firm have been banned from trading with North Korea on luxury or listed goods including arms, or having any financial or trade relations with listed persons or entities connected to the country.

Sri Lankans trading with North Korea and sanction busters, listed by the UN, may also face sanctions themselves.

Foreign Minister Tilka Marapana had issued a gazette notice giving effect to United Nations sanctions.

A competent authority is to be established in consultation with the defence ministry and assets of North Korea identified in Sri Lanka is to be seized.

North Korean diplomats are to come under extra scrutiny and each of them will only be allowed to have one bank account.

Sri Lankan firms have been banned from forming joint ventures with North Korean firms.

Sri Lankan ports and airports, have restrictions in accommodating North Korean vessels and aircraft, while designated persons will face travel bans. (Colombo/Oct07/2017)

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