US Senate committee approves Bill for further N Korea sanctions

US Flag2The US Senate Committee on Banking, Housing and Urban Affairs has unanimously approved the Otto Warmbier Banking Restrictions Involving North Korea Act of 2017 (a companion Bill was introduced in the US House of Representatives two-weeks ago, see previous blog here).

The newly-approved Bill makes provision for the Secretary of the Treasury to impose sanctions on a “foreign financial institution” that the Secretary determines to have “knowingly provide[d] significant financial services” to a designated person.

The Bill also expands the scope of mandatory designations under the North Korea Sanctions and Policy Enhancement Act of 2016, by requiring the US President to designate those who have (inter alia): (i) knowingly purchased or otherwise acquired “significant quantities” of coal, iron, or iron ore from North Korea; (ii) knowingly provided coal, iron, or iron ore to North Korea; (iii) knowingly purchased or otherwise acquired textiles from North Korea; (iv) knowingly facilitated a “significant transfer” of funds or property of the North Korean Government that “materially contributes” to any violation of an applicable UNSC resolution; (v) knowingly purchased or otherwise acquired “significant types or amounts” of seafood from North Korea; (vi) knowingly engaged, facilitated or was responsible for the exportation of workers from North Korea “in a manner intended to generate significant revenue” for the Government of North Korea; and (vii) knowingly sold or transferred vessels to North Korea (except where approved by the UNSC).

The Bill will now go to the US Senate for it to be voted on.

This entry was posted in North Korea, USA by Maya Lester QC. Bookmark the permalink.

About Maya Lester QC

Maya Lester QC has a wide ranging practice in public law, European law, competition law, international law, human rights & civil liberties. She has a particular expertise in sanctions. As the most recent (2016) Chambers & Partners directory put it, she "owns the world of sanctions". She spent 2011-12 in New York at Columbia Law School lecturing and writing on sanctions. She represents and advises hundreds of companies and individuals before the European and English courts and has acted in most of the leading cases, including Kadi, Tay Za, Central Bank of Iran, NITC and IRISL.

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