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By Sultan Bin Bandar
JEDDAH — The Saudi Arabia Monetary Authority (SAMA) has prohibited commercial banks, foreign exchange offices, finance companies and financing intermediaries in the Kingdom from providing any financial service to North Korea, its subjects and financial institutions on its territories.
A SAMA source said the move was in keeping with the UN sanctions and aimed at not contributing to the country’s nuclear programs.
The ban includes remitting money or carrying out any kind of financial transactions to the country itself or through its territories.
“The decision also includes stopping insurance or reinsurance services to ships owned by North Korea,” the source said.
Numerous bank accounts opened in North Korean banks will be reduced to a single account only for all its diplomatic corps and consular offices.
The existing North Korean representative offices, branches and bank accounts will be closed.
“Credit guarantees for exports to North Korea will also be banned,” the source said.
SAMA has asked Saudi banks, exchange offices and finance companies to prepare detailed reports containing all the names of people and entities of North Korea in the Kingdom against which precautionary measures would be taken within a week.
© The Saudi Gazette 2017
