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- June 2012
- Administrative Sanction (Export Ban) pursuant to the Foreign Exchange and Foreign Trade Act
Administrative Sanction (Export Ban) pursuant to the Foreign Exchange and Foreign Trade Act
In relation to the violation of the Foreign Exchange and Foreign Trade Act (hereinafter referred to as the "Act") by An Song Gi, also known as Seiki Yasuda, the Ministry of Economy, Trade and Industry (METI) today made an administrative sanction to ban exports pursuant to the provision of Article 53, Paragraph 2 under the Act. The summary is as follows.
1. Administrative Sanction
- Party subject to the sanction:
- An Song Gi, also known as Seiki Yasuda.
- Goods banned from export:
- All goods
- Export ban regions:
- All regions
- Export ban period:
- From July 2, 2012, to December 1, 2012 (five months)
* Export via a third party is also banned.
2. Outline of the Incident
The export of luxury goods to North Korea requires permission from the Minister of Economy, Trade and Industry (METI Minister) under the Act. Without obtaining relevant permission, An Song Gi, also known as Seiki Yasuda, exported luxury goods (second-hand Mercedes-Benz vehicles) to the Republic of Korea in September and December 2008 for the purpose of export to North Korea via the Republic of Korea.
(*)Since November 15, 2006, export of luxury goods to North Korea has been banned as a measure under the Act in accordance with the United Nations Security Council Resolution.
Release Date
June 26, 2012
Division in Charge
Trade Control Policy Division, Trade Control Department, Trade and Economic Cooperation Bureau