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house Bill H.R. 3898

Should Foreign Banks That Handle Transactions Involving North Korea Face Sanctions?

Argument in favor

Foreign banks that process transactions benefitting North Korea’s government need to be sanctioned so it’s harder for the regime to finance its nuclear program.

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10/24/2017
Putting pressure on North Korea and it’s supporters without starting a possible war. It certainly couldn’t hurt to try it and other strategies like it.
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John's Opinion
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10/24/2017
Foreign bank should held accountable for doing business with North Korea.
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John's Opinion
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10/24/2017
For sanctions to work and to help prevent a possible war, we need to explore all avenues to isolate North Korea. This is a good way to do it.
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Argument opposed

Sanctioning foreign banks that handle transactions related to North Korea won’t do enough to stop the regime’s nuclear program or stop its belligerence.

Matt's Opinion
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10/24/2017
The idea behind economic sanctions is to put pressure on the public and in turn they put pressure on their government. This may work with a nation on the global stage...But a hermit nation? Hardly. Furthermore, when you impose sanctions on specific companies, all they have to do is restructure and rebrand to bypass the sanctions. Do away with the sanctions. Pursue diplomacy until military action has to be the last resort.
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educatedvote's Opinion
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10/24/2017
Sanction banks handling the laundered money Russia has been funneling, particularly the laundered money used to fund Trump's 'front' properties. That is the priority!
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Owen's Opinion
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10/24/2017
North Korea is defying American Imperialism. Not all of their ways are acceptable, but passing sanction after sanction only escalates the situation. The best way to win against them is to show their concept of America is wrong. Then the entire regime begins to unravel.
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bill Progress


  • Not enacted
    The President has not signed this bill
  • The senate has not voted
      senate Committees
      Committee on Foreign Relations
  • The house Passed October 24th, 2017
    Roll Call Vote 415 Yea / 2 Nay
      house Committees
      Committee on Financial Services
      National Security, International Development and Monetary Policy
    IntroducedOctober 2nd, 2017

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What is House Bill H.R. 3898?

This bill would sanction foreign financial institutions that facilitate a significant transaction for essentially entity that does business with the North Korean government or associated individuals, including businesses and North Korean laborers who work abroad. The sanctions would make it more difficult for the North Korean regime to accrue hard currency through the confiscation of the laborers wages.

The Secretary of the Treasury would be responsible for issuing regulations that would prohibit or strictly limit the use of “correspondent financial accounts” by foreign banks that process transactions involving North Korea. Correspondent accounts allow banks to send money to each other internationally and are essential for accessing foreign financial systems and customer payments. The secretary would provide regular updates on the sanctions to Congress and the public.

Additionally, the bill would direct the U.S. executive directors of international financial institutions (like the International Monetary Fund) to support the denial of financial assistance to foreign governments that don’t comply with this legislation’s requirements. In the case of the IMF, it’d be also be encouraged to support the use of administrative funds to prevent money laundering and the financing of terrorism.



Impact

Foreign banks that handle transactions involving North Korea; the Treasury Department.

Cost of House Bill H.R. 3898

$500.00 Thousand
The CBO estimates that enacting this bill would cost less than $500,000 over the 2018-2022 period.

More Information

In-DepthSponsoring Rep. Andy Barr (R-KY) introduced this bill to sanction foreign banks that process transactions related to North Korea:

“For more than two decades, foreign aid and half-hearted sanctions have been deployed in vain to thwart the Kim regime’s ambitions, a strategy of ‘strategic patience’ that has proven highly ineffective. That is why I have introduced this legislation that would, if enacted, impose the most far-reaching financial sanctions ever aimed at North Korea.  In addition to bringing about an economic reckoning for Pyongyang, these sanctions will strengthen the American negotiating position by sending a strong signal to North Korea and its enablers that the status quo is unacceptable.”

This legislation passed the House Financial Services Committee on a 56-0 vote and has the support of 17 bipartisan cosponsors, including nine Democrats and eight Republicans.


Media:

Summary by Eric Revell

(Photo Credit: narvikk / iStock)

AKA

Otto Warmbier North Korea Nuclear Sanctions Act

Official Title

To impose secondary sanctions with respect to North Korea, strengthen international efforts to improve sanctions enforcement, and for other purposes.

    Putting pressure on North Korea and it’s supporters without starting a possible war. It certainly couldn’t hurt to try it and other strategies like it.
    Like (76)
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    The idea behind economic sanctions is to put pressure on the public and in turn they put pressure on their government. This may work with a nation on the global stage...But a hermit nation? Hardly. Furthermore, when you impose sanctions on specific companies, all they have to do is restructure and rebrand to bypass the sanctions. Do away with the sanctions. Pursue diplomacy until military action has to be the last resort.
    Like (78)
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    Share
    Tightening the screw on NoKo until Un can’t buy his whiskey. Starvation was a very effective tool in days of old against moats and high walls.
    Like (24)
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    Sanction banks handling the laundered money Russia has been funneling, particularly the laundered money used to fund Trump's 'front' properties. That is the priority!
    Like (19)
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    Foreign bank should held accountable for doing business with North Korea.
    Like (11)
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    For sanctions to work and to help prevent a possible war, we need to explore all avenues to isolate North Korea. This is a good way to do it.
    Like (10)
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    Of course this is good legislation. US financial institutions shouldn’t even be involved with North Korean interests and financing. Keep up the pressure on the terrorist and human rights disgrace that is North Korea.
    Like (9)
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    North Korea is defying American Imperialism. Not all of their ways are acceptable, but passing sanction after sanction only escalates the situation. The best way to win against them is to show their concept of America is wrong. Then the entire regime begins to unravel.
    Like (9)
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    A war with North Korea will likely involve the usage of nuclear weapon, therefore we need to choke North Korea’s financial resources by sanctioning banks that have dealings with North Korea. We must solve the North Korean threat diplomatically.
    Like (6)
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    Yes. Anyone that deals with North Korea should face sanctions
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    Putting economic sanctions on a poor communist country will only make it more difficult for their already-starving citizens to get food and supplies. I am all for supporting strategies to overthrow the North Korean communist party, but I fear this strategy will put more stress on the people rather than the government. I would say it’s safe to speculate that a sanction would force the citizens to put more pressure on the government; but considering North Koreans have been literally starving for years, I have doubts that it will have any effect. Please try to find ways the save the people of North Korea, just don’t harm them in the process.
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    Absolutely not some poverty stricken individuals in that region or another may not have any other means of economic relief. And sad but true it’s pretty darn hard to maintain life without money. This bill could literally cause people to starve and sanctions are intended to be punitive not a death sentence !
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    yea We need to let North Korea know that the world has power to isolate them. I is ludicrous to think that we will get rid of all our nukes when rogue nation can proliferate
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    There already ‘strong’ laws against money laundering and both our homegrown multinational banks as well as their ‘foreign’ counterparts and it don’t seem to take any notice. When they get caught misbehaving, they’re typically given a huge fine and promise not to do it again. Until we start throwing these banksters in suits into jail, I doubt they will be any more law abiding than they’ve already demonstrated. It’s just a cost of doing business to be passed on to their customers to protect their obscene profits.
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    Yes
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    Yes! Simply Yes!
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    Sanctions are far better than moronic words from Trump.
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    Foreign banks are not our worry
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    This is a United Nations action not a America actin alone problem. I don’t feel it would make great difference if we did not involve other nations in this idea, even then sanctions would not be as effective in a repressed society as they would be in a free society.
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    Anyone interested in why North K is so fucked up. Look it up and you'll understand how this mess fits into the Trumps America dynamic.
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