Sec. 103. Authorization of imposition of sanctions with respect to the provision of specialized financial messaging services to North Korean financial institutions and sanctioned persons
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It is the sense of Congress that— providers of specialized financial messaging services have been used as a critical link between the Government of North Korea and the international financial system; the Financial Action Task Force has repeatedly called for jurisdictions to apply countermeasures to protect the financial system from the risks of money laundering and proliferation financing emanating from North Korea; credible published reports have implicated the Government of North Korea in stealing approximately $81,000,000 from the Bangladesh Bank and attempting to steal another $951,000,000 from other banks using a financial messaging service; and directly providing specialized financial messaging services to, or enabling or facilitating direct or indirect access to such messaging services for, any financial institution designated by the United Nations Security Council is inconsistent with applicable United Nations Security Council resolutions.
The President may impose sanctions pursuant to the International Emergency Economic Powers Act ( 50 U.S.C. 1701 et seq.) with respect to a person if, on or after the date that is 90 days after the date of the enactment of this Act, the person knowingly and directly provides specialized financial messaging services to, or knowingly enables or facilitates direct or indirect access to such messaging services for— a North Korean financial institution; a person, including a financial institution, that is designated pursuant to— an applicable Executive order; an applicable United Nations Security Council resolution; or section 104 of the North Korea Sanctions and Policy Enhancement Act of 2016 ( 22 U.S.C. 9214 ); or a person subject to sanctions under this Act.
For purposes of this section, enabling or facilitating direct or indirect access to specialized financial messaging services to a person described in paragraph
(1)or
(2)of subsection
(b)includes doing so by serving as an intermediary financial institution with access to such messaging services. The President may suspend the application of any sanctions under subsection
(b)for a period of not more than one year if the President certifies to the appropriate congressional committees that the Government of North Korea is taking steps toward— the verification of its compliance with applicable United Nations Security Council Resolutions; and fully accounting for and repatriating United States citizens and permanent residents (including deceased United States citizens and permanent residents)— abducted or unlawfully held captive by the Government of North Korea; or detained in violation of the Agreement Concerning a Military Armistice in Korea, signed at Panmunjom July 27, 1953 (commonly referred to as the Korean War Armistice Agreement ). The President may renew a suspension described in paragraph
(1)for additional periods of not more than 180 days if the President certifies to the appropriate congressional committees that the Government of North Korea continues to take steps as described in paragraph (1). The President may terminate the application of any sanctions under subsection
(b)if the President certifies that the Government of North Korea has made significant progress towards— completely, verifiably, and irreversibly dismantling all of its nuclear, chemical, biological, and radiological weapons programs, including all programs for the development of systems designed in whole or in part for the delivery of such weapons; and fully accounting for and repatriating United States citizens and permanent residents (including deceased United States citizens and permanent residents)— abducted or unlawfully held captive by the Government of North Korea; or detained in violation of the Agreement Concerning a Military Armistice in Korea, signed at Panmunjom July 27, 1953 (commonly referred to as the Korean War Armistice Agreement ).
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Sec. 103
Authorization of imposition of sanctions with respect to the provision of specialized financial messaging services to North Korean financial institutions and sanctioned persons
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