Sec. 202. Sanctions against the provision of specialized financial messaging services to designated North Korean financial institutions
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Not later than 90 days after the date of the enactment of this Act, and every 180 days thereafter, the President shall provide to the appropriate congressional committees a briefing on the following: A list of all persons and foreign governments that the President has identified that directly provide specialized financial messaging services to, or enable or facilitate direct or indirect access to such messaging services for, any North Korean financial institution designated under section 104(b).
A detailed assessment of the status of efforts by the President to end the direct provision of such messaging services to, and the enabling or facilitation of direct or indirect access to such messaging services for any North Korean financial institution designated under section 104(b). For purposes of paragraph
(1)and subsection (b), enabling or facilitating direct or indirect access to specialized financial messaging services for any North Korean financial institution designated under section 104(b) includes doing so by serving as an intermediary financial institution with access to such messaging services. Except as provided in paragraph (2), if, on or after the date that is 180 days after the date of the enactment of this Act, a person continues to knowingly and directly provide specialized financial messaging services to, or knowingly enable or facilitate direct or indirect access to such messaging services for any North Korean financial institution designated under section 104(b), the President may impose sanctions pursuant to section 206(b) of the International Emergency Economic Powers Act ( 50 U.S.C. 1705(b) ) with respect to the person. The President may not impose sanctions pursuant to paragraph
(1)with respect to a person for directly providing specialized financial messaging services to, or enabling or facilitating direct or indirect access to such messaging services for, any North Korean financial institution designated under section 104(b) if— the person is subject to a sanctions regime under its governing foreign law that requires it to eliminate the knowing provision of such messaging services to, and the knowing enabling and facilitation of direct or indirect access to such messaging services for any North Korean financial institution designated under section 104(b); and the person has, pursuant to that sanctions regime, terminated the knowing provision of such messaging services to, and the knowing enabling and facilitation of direct or indirect access to such messaging services for, any North Korean financial institution designated under section 104(b) identified under such governing foreign law for purposes of that sanctions regime. The President may not impose sanctions pursuant to paragraph
(1)with respect to a person for directly providing specialized financial messaging services to, or enabling or facilitating direct or indirect access to such messaging services for, any North Korean financial institution designated under section 104(b) unless the President has made good-faith efforts to obtain the voluntary cessation of such specialized financial messaging services by such person.
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Sec. 202
Sanctions against the provision of specialized financial messaging services to designated North Korean financial institutions
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