The Otto Warmbier North Korea Nuclear Sanctions Act, a US Bill previously titled the “Impeding North Korea’s Access to Finance Act of 2017”, has been passed in the US House of Representatives by a 415-2 vote.
Among other things, the Bill requires the Secretary of the US Treasury to prohibit, or impose strict conditions on, correspondent or payable-through accounts held in the US by foreign financial institutions that knowingly deal with sanctioned North Korean persons or entities. It further prohibits US financial institutions, and any person owned or controlled by such institutions, from knowingly engaging in “significant” transactions with, or benefiting, any sanctioned North Korean person or entity. Furthermore, the Bill requires the US to “oppose” loans by the international financial institutions to any foreign government that knowingly fails to “prevent the provision of financial services to, or freeze the funds, financial assets, and economic resources of” any sanctioned North Korean person of entity. The Bill also makes provision for civil and criminal penalties for those in violation.
The next stage of the Bill’s legislative process is for the US Senate to vote on it.