Sec. 207. Exemptions, waivers, and removals of designation

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The following activities shall be exempt from sanctions under sections 104 and 206: Activities subject to the reporting requirements under title V of the National Security Act of 1947 ( 50 U.S.C. 413 et seq. ), or to any authorized intelligence activities of the United States. Any transaction necessary to comply with United States obligations under the Agreement between the United Nations and the United States of America regarding the Headquarters of the United Nations, signed June 26, 1947, and entered into force on November 21, 1947, or under the Vienna Convention on Consular Relations, signed April 24, 1963, and entered into force on March 19, 1967, or under other international agreements.

Any financial transaction for which the exclusive purpose is to import agricultural products, medicine, or medical devices into North Korea if such supplies or equipment— are designated as EAR 99 under the Export Administration Regulations (15 C.F.R. 730 et seq.); and are not controlled under— the Export Administration Act of 1979 (50 U.S.C. App. 2401 et seq.), as continued in effect under the International Emergency Economic Powers Act ( 50 U.S.C. 1701 et seq. ); the Arms Export Control Act ( 22 U.S.C. 2751 et seq. ); part B of title VIII of the Nuclear Proliferation Prevention Act of 1994 ( 22 U.S.C. 6301 et seq. ); or the Chemical and Biological Weapons Control and Warfare Elimination Act of 1991 (22 U.S.C. 5601 et seq.).

In this subsection, the term Export Administration Regulations means the regulations set forth in subchapter C of chapter VII of title 15, Code of Federal Regulations (15 C.F.R. 730 et seq.) and maintained and amended under the authority of the International Emergency Economic Powers Ac (50 U.S.C. 1701 et seq.). The President may waive, for 1-year renewable periods, the application of the sanctions authorized under section 104, 204, 205, or 206 if the President submits to the appropriate congressional committees a written determination that the waiver meets 1 or more of the following requirements:

The waiver is important to the national security interests of the United States. The waiver will further the enforcement of this Act or is for an important law enforcement purpose. The waiver is for an important humanitarian purpose, including any of the purposes described in section 4 of the North Korean Human Rights Act of 2004 ( 22 U.S.C. 7802 ). The President may promulgate such regulations, rules, and policies as may be necessary to facilitate the provision of financial services by a foreign financial institution that is not controlled by the Government of North Korea in support of the activities subject to exemption under this Act.

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