Bill
Bill > S667
summary
Introduced
03/05/2019
03/05/2019
In Committee
03/05/2019
03/05/2019
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
A bill to impose sanctions with respect to the Democratic People's Republic of Korea, and for other purposes. This bill expands sanctions and reporting requirements related to North Korea and revises provisions related to combating human trafficking. The Department of the Treasury shall impose asset-related sanctions on persons that knowingly provide significant financial services to any person that is subject to various sanctions, including those covered in any United Nations Security Council (UNSC) resolution. The President may impose sanctions on persons that take certain actions related to North Korea, including knowingly (1) engaging in transactions in goods such as coal, or (2) contributing to a violation of a UNSC resolution through a significant transfer of property. A country that has transacted in defense articles with North Korea shall be barred from receiving certain U.S. assistance for five years, whereas currently the prohibition lasts for two years. The President's annual report to Congress on the implementation of UNSC resolutions shall include information on countries that fail to prohibit certain activities related to North Korea, such as the unauthorized clearing of funds. The bill also imposes various reporting requirements, such as requirements for Treasury to report on how North Korea's government exploits beneficial ownership rules to access the international financial system. The bill authorizes each state to adopt measures to require the divestment of the state's assets from North Korea-related investments. Treasury shall designate an office to coordinate efforts to combat the illicit financing of human trafficking. The Interagency Task Force to Monitor and Combat Trafficking shall report to Congress recommendations for strengthening anti-money-laundering efforts in relation to human trafficking.
AI Summary
This bill:
Expands sanctions and reporting requirements related to North Korea and revises provisions related to combating human trafficking. It requires the Department of the Treasury to impose asset-related sanctions on foreign financial institutions that provide significant financial services to certain sanctioned persons. The bill also codifies existing executive orders related to sanctions on North Korea, expands mandatory designations under the North Korea Sanctions and Policy Enhancement Act of 2016, and extends the applicability period of proliferation prevention sanctions.
The bill authorizes state and local governments to divest from companies that invest in North Korea and provides a safe harbor for asset managers to change investment policies related to North Korea. It also requires reports on North Korea's use of beneficial ownership rules to access the international financial system, as well as other reports and briefings related to North Korea sanctions.
Additionally, the bill addresses efforts to combat human trafficking by coordinating related efforts within the Office of Terrorism and Financial Intelligence, strengthening anti-money laundering tools, and expressing a sense of Congress on the need for adequate resources to address this issue.
Committee Categories
Housing and Urban Affairs
Sponsors (4)
Last Action
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (on 03/05/2019)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/senate-bill/667/all-info |
| BillText | https://www.congress.gov/116/bills/s667/BILLS-116s667is.pdf |
| Bill | https://www.congress.gov/116/bills/s667/BILLS-116s667is.pdf.pdf |
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