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bill Progress


  • Not enacted
    The President has not signed this bill
  • The senate has not voted
      senate Committees
      Senate Committee on Foreign Relations
  • The house Passed July 28th, 2014
    Passed by Voice Vote
      house Committees
      House Committee on Foreign Affairs
      House Committee on Ways and Means
      Trade
      House Committee on the Judiciary
      Crime, Terrorism, Homeland Security, and Investigations
      House Committee on Financial Services
      House Committee on Oversight and Government Reform
      House Committee on Homeland Security
    IntroducedApril 26th, 2013

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What is it?

This comprehensive bill would direct the President to investigate sanctionable activities related to North Korea any time the government receives credible intelligence. The bill lays out a comprehensive list of sanctionable offenses that can apply to any person, business entity, government entity, or nongovernment entity that has dealings North Korea.

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.

Impact

North Korea, as well as any individual, government, financial institution, non-government organization, or political entity that has economic or political ties with North Korea.

Cost

$10.00 Million
The CBO estimates that the Department of State and the Department of the Treasury would have to hire 10 additional employees to implement this bill. It also estimates that additional appropriations of about $2 million would be required each year between 2015-2019.

More Information

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.

Media:

Washington Post

U.S. Treasury

(Photo Credit: Flickr user petersnoopy)

AKA

North Korea Sanctions Enforcement Act of 2014

Official Title

To improve the enforcement of sanctions against the Government of North Korea, and for other purposes.