November 17, 2017 12:17
Singapore halted all trade with North Korea as of Nov. 8, Radio Free Asia reported Thursday.
The Singapore customs authority informed trading companies in a notice on Nov. 7 that the city state would halt all trade activities with the North the following day.
The trade ban includes North Korean goods that are sold to third countries via Singapore. Violators will be slapped with a 100,000 Singaporean dollar fine or three times the value of the traded product and up to two years in prison (US$1=SGD1.35).
But unofficial trade through diplomatic pouches and personal bags carried by airline crew is not covered by the ban.
Singapore is North Korea's seventh-largest trading partner, exporting about US$12.86 million worth of goods to the North last year and importing $127,000 worth.
The city has been suspected of being a haven for businesses seeking to bypass sanctions against North Korea. In August, two Singaporean companies were found to have broken sanctions by the U.S. Treasury Department by brokering illegal oil deals between North Korea and Russia.
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