On Monday, South Korea imposed unilateral sanctions on 18 North Korean individuals and banned sanctions officers from conducting any financial transactions with Koreans. This is part of the international community's policy of blocking North Korea's illegal cash flow.
According to a government announcement released on the website of the Ministry of the Interior, all of the 18 individuals sanctioned by South Korea are directly affiliated with North Korea's banks.
"They are all North Korean financial institutions that have been sanctioned by the UN," a government official who is directly involved in the sanctions process told Reuters. The officer asked for anonymity because he was not authorized to talk to the media.
"They are high-level employees and are linked to North Korea's nuclear and missile programs and foreign exchange purchases."
U.S. President Trump will visit South Korea after a day and expects to hold discussions with South Korean government officials on North Korea's nuclear and missile programs.
When asked about the timing of the sanctions announcement, government officials denied that they were related to Trump's visit to South Korea.
The sanctions are expected to have no or little impact on the illegal financing of North Korea's pro-weapons programs, as both sides have already suspended all trade and financial transactions since North Korea wrecked the South Korean warship with a torpedo in May 2010.
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