22 U.S.C. § 9221b
The Secretary of the Treasury shall impose one or more of the sanctions described in subsection (b) with respect to a foreign financial institution that the Secretary determines, in consultation with the Secretary of State, knowingly, on or after the date that is 120 days after December 20, 2019, provides significant financial services to any person designated for the imposition of sanctions with respect to North Korea under-
The sanctions that may be imposed with respect to a foreign financial institution subject to subsection (a) are the following:
The Secretary may block and prohibit, pursuant to the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.), all transactions in all property and interests in property of the foreign financial institution if such property and interests in property are in the United States, come within the United States, or are or come within the possession or control of a United States person.
The Secretary may prohibit, or impose strict conditions on, the opening or maintaining in the United States of a correspondent account or a payable-through account by the foreign financial institution.
The President may exercise all authorities provided under sections 203 and 205 of the International Emergency Economic Powers Act (50 U.S.C. 1702 and 1704) to carry out this section.
A person that violates, attempts to violate, conspires to violate, or causes a violation of this section or any regulation, license, or order issued to carry out this section shall be subject to the penalties set forth in subsections (b) and (c) of section 206 of the International Emergency Economic Powers Act (50 U.S.C. 1705) to the same extent as a person that commits an unlawful act described in subsection (a) of that section.
Not later than 120 days after December 20, 2019, the President shall, as appropriate, prescribe regulations to carry out this section.
Notwithstanding section 9254(b) of this title or any provision of this section, the authorities and requirements to impose sanctions under this section shall not include the authority or a requirement to impose sanctions on the importation of goods.
In this subsection, the term "good" means any article, natural or manmade substance, material, supply or manufactured product, including inspection and test equipment, and excluding technical data.
In this section:
The terms "account", "correspondent account", and "payable-through account" have the meanings given those terms in section 5318A of title 31.
The term "foreign financial institution" has the meaning given that term in section 510.309 of title 31, Code of Federal Regulations (or any corresponding similar regulation or ruling).
The term "knowingly", with respect to conduct, a circumstance, or a result, means that a person has actual knowledge, or should have known, of the conduct, the circumstance, or the result.
22 U.S.C. § 9221b
EDITORIAL NOTES
REFERENCES IN TEXTThe International Emergency Economic Powers Act, referred to in subsec. (b)(1), is title II of Pub. L. 95-223, Dec. 28, 1977, 91 Stat. 1626, which is classified generally to chapter 35 (§1701 et seq.) of Title 50, War and National Defense. For complete classification of this Act to the Code, see Short Title note set out under section 1701 of Title 50 and Tables.
EXECUTIVE DOCUMENTS
DELEGATION OF FUNCTIONS Functions and authorities under section 7121 of Pub. L. 116-92 with respect to this section delegated to Secretary of the Treasury, in consultation with the Secretary of State, by section 1(b)(iii) of Memorandum of President of the United States, Feb. 21, 2020, 85 F.R. 13717, set out as a note under section 286yy of this title.
- North Korea
- The term "North Korea" means the Democratic People's Republic of Korea.
- United States person
- The term "United States person" means-(A) a United States citizen or an alien lawfully admitted for permanent residence to the United States; or(B) an entity organized under the laws of the United States or of any jurisdiction within the United States, including a foreign branch of such an entity.
- applicable Executive order
- The term "applicable Executive order" means-(A) Executive Order 13382 (50 U.S.C. 1701 note; relating to blocking property of weapons of mass destruction proliferators and their supporters), Executive Order 13466 (50 U.S.C. 1701 note; relating to continuing certain restrictions with respect to North Korea and North Korean nationals), Executive Order 13551 (50 U.S.C. 1701 note; relating to blocking property of certain persons with respect to North Korea), Executive Order 13570 (50 U.S.C. 1701 note; relating to prohibiting certain transactions with respect to North Korea), Executive Order 13619 (50 U.S.C. 1701 note; relating to blocking property of persons threatening the peace, security, or stability of Burma), Executive Order 13687 (50 U.S.C. 1701 note; relating to imposing additional sanctions with respect to North Korea), Executive Order No. 13694 (50 U.S.C. 1701 note; relating to blocking the property of certain persons engaging in significant malicious cyber-enabled activities), or Executive Order No. 13722 (50 U.S.C. 1701 note; relating to blocking the property of the Government of North Korea and the Workers' Party of Korea, and Prohibiting Certain Transactions With Respect to North Korea), to the extent that such Executive order-(i) authorizes the imposition of sanctions on persons for conduct with respect to North Korea;(ii) prohibits transactions or activities involving the Government of North Korea; or(iii) otherwise imposes sanctions with respect to North Korea; and(B) any Executive order adopted on or after February 18, 2016, to the extent that such Executive order-(i) authorizes the imposition of sanctions on persons for conduct with respect to North Korea;(ii) prohibits transactions or activities involving the Government of North Korea; or(iii) otherwise imposes sanctions with respect to North Korea.
- applicable United Nations Security Council resolution
- The term "applicable United Nations Security Council resolution" means-(A) United Nations Security Council Resolution 1695 (2006), 1718 (2006), 1874 (2009), 2087 (2013), 2094 (2013), 2270 (2016), or 2321 (2016); and(B) any United Nations Security Council resolution adopted on or after February 18, 2016, that-(i) authorizes the imposition of sanctions on persons for conduct with respect to North Korea;(ii) prohibits transactions or activities involving the Government of North Korea; or(iii) otherwise imposes sanctions with respect to North Korea.