22 U.S.C. § 9221c
Not later than 180 days after December 20, 2019, the Secretary of the Treasury, in consultation with the Secretary of State, shall prohibit an entity owned or controlled by a United States financial institution and established or maintained outside the United States from knowingly engaging in any transaction described in subsection (b) directly or indirectly with the Government of North Korea or any person designated for the imposition of sanctions with respect to North Korea under-
A transaction described in this subsection is a transaction that would be prohibited by an order or regulation issued pursuant to the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) if the transaction were engaged in in the United States or by a United States person.
The civil penalty provided for in section 206(b) of the International Emergency Economic Powers Act (50 U.S.C. 1705(b)) shall apply to a United States financial institution to the same extent that such penalty applies to a person that commits an unlawful act described in section 206(a) of that Act if an entity owned or controlled by the United States financial institution and established or maintained outside the United States violates, attempts to violate, conspires to violate, or causes a violation of any order or regulation issued to implement subsection (a).
In this section, the term "United States financial institution" has the meaning given the term "U.S. financial institution" in section 510.328 of title 31, Code of Federal Regulations (or any corresponding similar regulation or ruling).
22 U.S.C. § 9221c
EDITORIAL NOTES
REFERENCES IN TEXTThe International Emergency Economic Powers Act, referred to in subsec. (b), is title II of Pub. L. 95-223, Dec. 28, 1977, 91 Stat. 1626, which is classified generally to chapter 35 (§1701 et seq.) of Title 50, War and National Defense. For complete classification of this Act to the Code, see Short Title note set out under section 1701 of Title 50 and Tables.
- 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.
- United States person
- The term "United States person" means-(A) a United States citizen or an alien lawfully admitted for permanent residence to the United States; or(B) an entity organized under the laws of the United States or of any jurisdiction within the United States, including a foreign branch of such an entity.
- applicable Executive order
- The term "applicable Executive order" means-(A) Executive Order 13382 (50 U.S.C. 1701 note; relating to blocking property of weapons of mass destruction proliferators and their supporters), Executive Order 13466 (50 U.S.C. 1701 note; relating to continuing certain restrictions with respect to North Korea and North Korean nationals), Executive Order 13551 (50 U.S.C. 1701 note; relating to blocking property of certain persons with respect to North Korea), Executive Order 13570 (50 U.S.C. 1701 note; relating to prohibiting certain transactions with respect to North Korea), Executive Order 13619 (50 U.S.C. 1701 note; relating to blocking property of persons threatening the peace, security, or stability of Burma), Executive Order 13687 (50 U.S.C. 1701 note; relating to imposing additional sanctions with respect to North Korea), Executive Order No. 13694 (50 U.S.C. 1701 note; relating to blocking the property of certain persons engaging in significant malicious cyber-enabled activities), or Executive Order No. 13722 (50 U.S.C. 1701 note; relating to blocking the property of the Government of North Korea and the Workers' Party of Korea, and Prohibiting Certain Transactions With Respect to North Korea), to the extent that such Executive order-(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; and(B) any Executive order adopted on or after February 18, 2016, to the extent that such Executive order-(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.
- 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.