Bill Sponsor
Senate Bill 667
116th Congress(2019-2020)
Otto Warmbier Banking Restrictions Involving North Korea Act of 2019
Introduced
Introduced
Introduced in Senate on Mar 5, 2019
Overview
Text
Introduced
Mar 5, 2019
Latest Action
Mar 5, 2019
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
667
Congress
116
Policy Area
International Affairs
International Affairs
Primary focus of measure is matters affecting foreign aid, human rights, international law and organizations; national governance; arms control; diplomacy and foreign officials; alliances and collective security. Measures concerning trade agreements, tariffs, foreign investments, and foreign loans may fall under Foreign Trade and International Finance policy area.
Sponsorship by Party
Senate Votes (0)
House Votes (0)
No Senate votes have been held for this bill.
Summary

Otto Warmbier Banking Restrictions Involving North Korea Act of 2019

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.

Text (1)
Actions (2)
03/05/2019
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
03/05/2019
Introduced in Senate
Public Record
Record Updated
Nov 1, 2022 5:17:27 PM