The bill empowers the President through the International Emergency Economic Powers Act (IEEPA). The President can exercise IEEPA authorities against the government of North Korea and any foreign entity that has violated the provisions included in the Act.
- Not enactedThe President has not signed this bill
- The senate has not voted
Senate Committee on Foreign Relations
- senate Committees
- The house Passed July 28th, 2014Passed by Voice Vote
House Committee on Foreign AffairsHouse Committee on Ways and MeansTradeHouse Committee on the JudiciaryCrime, Terrorism, Homeland Security, and InvestigationsHouse Committee on Financial ServicesHouse Committee on Oversight and Government ReformHouse Committee on Homeland SecurityIntroducedApril 26th, 2013
- house Committees
What is it?
In Depth:The bill also includes a laundry list of other measures designed to economically cripple North Korea’s government, from mandating the seizure of property used to facilitate sanctionable activity to officially identifying North Korea as a major source of money laundering.
Activities that can be punished with sanctions include:
- Helping North Korea get nuclear, radiological, chemical or biological weapons and weapon systems.
- Helping North Korea to export or import defense equipment and services.
- Exporting luxury goods to North Korea.
- Helping North Korea to procure, buy, lease, register or reflag any type of transportation vehicle that is to be used to import or export goods that facilitate unlawful activities.
- Engaging in any kind of property transaction with the government of North Korea that would facilitate unlawful activity or evade other regulations.
- Committing or helping North Korea to commit human rights abuse.
Sanctions cover virtually any entity that has assisted North Korea financially or militarily. Specifically, sanctions apply to any entity that has:
- Been sanctioned by the IEEPA or through executive orders for illegally helping North Korea to proliferate weapons of mass destruction.
- Been sanctioned by the U.N Security COuncil for illegally helping North Korea to proliferate weapons of mass destruction.
- Been convicted of committing sanctionable activities.
- Engaged in sanctionable activities involving North Korea or failed to freeze economic assets in North Korea.
- Permitted the creation of new branches of North Korean financial institutions and the transfer of bulk cash to and from North Korea.
- Financially supported trade with North Korea or facilitated bribery of North Korean officials.
The President can waive specific designations and sanctions for up to a year. That is, as long as Congress determines that the waiver will protect vital U.S. interests or serve a humanitarian purpose.
Lastly, the bill strips North Korea of its immunity as a foreign state, which means plaintiffs can seek damages against North Korea regardless of its status as a state sponsor of terrorism.
(Photo Credit: Flickr user petersnoopy)