Effective from 8 November 2017, there is a prohibition on the import, export, transshipment and in-transit movement of all commercially traded goods through Singapore, including sanctioned goods, under UN Security Council Resolutions (UNSC) 2371 (2017) and 2375 (2017).
Permits are required for non-commercial transactions that are imported, exported, re-exported, transshipped or in-transit from or to the Democratic People’s Republic of Korea (North Korea).
The non-commercial transactions of sanctioned goods are prohibited under UNSC Resolutions 2371 (2017) and 2375 (2017) as published in the Regulation of Imports and Exports (amendment No. 2) Regulations 2017. Under the regulations, prohibited imports include North Korean coal, iron, iron ore, seafood, lead, lead ore and textiles. Prohibited exports to North Korea include condensates and natural gas liquids, refined petroleum products and crude oil.
Fines of up to three times the value of the goods or S$100,000 (US$74,000), whichever is greater, and/or imprisonment for a term not exceeding two years is possible for the first conviction for the first violation. Subsequent convictions include fines up to S$200,000 or four times the value of the goods, whichever is greater, and/or imprisonment for a term not exceeding three years.
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Business Law Digest is compiled with the assistance of Baker McKenzie. Readers should not act on this information without seeking professional legal advice. You can contact Baker McKenzie by emailing Danian Zhang at danian.zhang@bakermckenzie.com.
