observer
 ONLINE


OTHER PUBLICATIONS


OTHER LINKS

Marriage Proposals
Classified
Government Gazette

N. Korea sanctions need international unity

The Japanese government is tightening the screws as it moves toward implementing financial sanctions on North Korea in response to its defiant missile tests earlier this month.


A South Korean activist burns a North Korean national flag during an anti-North Korean rally in front of the foreign ministry in Seoul. South Korean President Roh Moo-Hyun warned against overreacting to North Korea's missile tests as Japan considered imposing further financial sanctions against the impoverished communist state.( AFP )

Discussions have started with the United States and other countries as the government seeks to press Pyongyang into refraining from any future missile launches. Gaining the support of the international community will be vital to ensure the financial sanctions have bite as well as bark.

Visiting U.S. Treasury Undersecretary Stuart Levey is scheduled to hold talks with officials from the Foreign and Finance Ministries on specifics of the envisioned sanctions. However, China and Russia-two key allies of Pyongyang-remain steadfast in pursuing a more conciliatory approach toward North Korea, so Japan and the United States have their work cut out to get their way on the matter.

"First of all, we need to sort out the hows and whats [of the financial sanctions]," Chief Cabinet Secretary Shinzo Abe said Tuesday evening. "It's essential we work closely with the United States, and we also must keep in mind that we need a cooperative framework with other members of the international community."

Tokyo and Washington were at the forefront of a U.N. Security Council resolution adopted Saturday that called for limited sanctions against North Korea for its July 5 missile tests and demanded the reclusive nation suspend its ballistic missile program. Both governments were keen to spell out what sanctions should be imposed to ensure the impetus is not lost in putting the squeeze on North Korea.

The government has already banned the entry into Japanese ports of the Man Gyong Bong-92 passenger and cargo ferry for six months, and restricted visits to North Korea by pro-Pyongyang Korean residents of Japan.

The Security Council resolution, which was adopted unanimously, also bans U.N. member states from selling materials, goods and technology for missiles or weapons of mass destruction to North Korea. In line with this, the government is considering banning remittances to companies and individuals deemed to be involved in North Korea's missile development and freezing their assets in Japan under the Foreign Exchange and Foreign Trade Law.

However, the plan might come unstuck because of the difficulty in tracing every company or individual with a hand in Pyongyang's development of its missile arsenal. Some companies may have bank accounts in the names of dummy companies. The government hopes Washington will provide classified information to ensure no one escapes from the net, and also will exchange information with the United States on the matter.

The government also plans to call on Britain, France and the European Union to lend their weight to the financial sanctions. "A lot of remittances to North Korea are made via Europe, so having them on board is essential," a Finance Ministry source said Tuesday.

The effectiveness of the sanctions also hinges on China, which still holds a degree of leverage over North Korea and has provided food and other aid over the years to prop up its impoverished neighbour.

"Cash is commonly carried into North Korea across the Chinese border," a Foreign Ministry source said.

"If Japan, the United States and the EU are in tune over the financial sanctions, China will have no option but to lean more heavily on North Korea," a government official said.

 

EMAIL |   PRINTABLE VIEW | FEEDBACK

www.jayanthadhanapala.com
www.srilankans.com
www.srilankaapartments.com
www.defence.lk
www.helpheroes.lk/
www.peaceinsrilanka.org
www.army.lk
www.news.lk
 

| News | Editorial | Money | Features | Political | Security | PowWow | Zing | Sports | World | Oomph | Junior | Letters | Obituaries |

 
 

Produced by Lake House Copyright � 2006 The Associated Newspapers of Ceylon Ltd.

Comments and suggestions to : Web Editor