Congress makes the following findings:
Congress-
Not later than 180 days after February 18, 2016, the Secretary of the Treasury, in consultation with the Secretary of State and the Attorney General, and in accordance with section 5318A of title 31, shall determine whether reasonable grounds exist for concluding that North Korea is a jurisdiction of primary money laundering concern.
If the Secretary of the Treasury determines under paragraph (1) that reasonable grounds exist for concluding that North Korea is a jurisdiction of primary money laundering concern, the Secretary, in consultation with the Federal functional regulators (as defined in section 6809 of title 15), shall impose 1 or more of the special measures described in section 5318A(b) of title 31 with respect to the jurisdiction of North Korea.
Not later than 90 days after the date on which the Secretary of the Treasury makes a determination under paragraph (1), the Secretary shall submit to the appropriate congressional committees a report that contains the reasons for such determination.
The report submitted under subparagraph (A) shall be submitted in unclassified form, but may include a classified annex.
22 U.S.C. § 9221
- Government of North Korea
- The term "Government of North Korea" means the Government of North Korea and its agencies, instrumentalities, and controlled entities.
- North Korea
- The term "North Korea" means the Democratic People's Republic of Korea.
- applicable United Nations Security Council resolution
- The term "applicable United Nations Security Council resolution" means-(A) United Nations Security Council Resolution 1695 (2006), 1718 (2006), 1874 (2009), 2087 (2013), 2094 (2013), 2270 (2016), or 2321 (2016); and(B) any United Nations Security Council resolution adopted on or after February 18, 2016, that-(i) authorizes the imposition of sanctions on persons for conduct with respect to North Korea;(ii) prohibits transactions or activities involving the Government of North Korea; or(iii) otherwise imposes sanctions with respect to North Korea.
- appropriate congressional committees
- The term "appropriate congressional committees" means-(A) the Committee on Foreign Relations and the Committee on Banking, Housing, and Urban Affairs of the Senate; and(B) the Committee on Foreign Affairs, the Committee on Financial Services, and the Committee on Ways and Means of the House of Representatives.