,,ii #aae? ,,congress #a/ ,session ,s4 #aeia ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,july #ai1 #bjag ,mr4 ,van ,holl5 7= himself & ,mr4 ,toomey7 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ,a ,,bill ,to impose sanctions ) respect to ! ,democratic ,p's ,republic ( ,korea1 & = o!r purposes4 #a4 ,%ort title2 table ( cont5ts 7a7 ,%ort title ,?is ,act may be cit$ z ! ,bank+ ,re/rictions ,involv+ ,nor? ,korea 7,,br9k7 ,act ( #bjag4 7b7 ,table ( cont5ts ,! table ( cont5ts = ?is ,act is z foll[s3 ,sec4 #a4 ,%ort title2 table ( cont5ts4 ,sec4 #b4 ,f9d+s4 ,sec4 #c4 ,def9itions4 ,,title ,i--,f9ancial requirem5ts & sanctions relat+ to transactions involv+ ,nor? ,korea ,sec4 #aja4 ,sanctions ) respect to f9ancial in/itutions provid+ support to ! ,gov]nm5t ( ,nor? ,korea4 ,sec4 #ajb4 ,expansion ( lic5s+ requirem5ts = transactions 9 ,nor? ,korean cov]$ prop]ty4 ,sec4 #ajc4 ,au?orization ( imposition ( sanctions ) respect to ! provision ( specializ$ f9ancial messag+ s]vices to ,nor? ,korean f9ancial in/itutions & sanction$ p]sons4 ,sec4 #ajd4 ,au?orization ( imposition ( sanctions ) respect to gov]nm5ts t fail to comply ) ,unit$ ,nations ,security ,c\ncil sanctions aga9/ ,nor? ,korea4 ,sec4 #aje4 ,grants to conduct rese>* on f9ancial networks & f9ancial me?ods ( ! ,gov]nm5t ( ,nor? ,korea4 ,sec4 #ajf4 ,report on use by ! ,gov]nm5t ( ,nor? ,korea ( b5eficial own]%ip rules to access ! int]national f9ancial sy/em4 ,sec4 #ajg4 ,s5se ( ,congress on id5tification & block+ ( prop]ty ( ,nor? ,korean (ficials4 ,sec4 #ajh4 ,s5se ( ,congress reg>d+ ! ,kaesong ,indu/rial ,complex4 ,,title ,,ii--,dive/m5t f ,nor? ,korea ,sec4 #bja4 ,au?ority ( ,/ate & local gov]nm5ts to dive/ f companies t inve/ 9 ,nor? ,korea4 ,sec4 #bjb4 ,safe h>bor = *anges ( inve/m5t policies by asset manag]s4 ,sec4 #bjc4 ,s5se ( ,congress reg>d+ c]ta9 ,,erisa plan inve/m5ts4 ,sec4 #bjd4 ,rule ( con/ruction4 ,,title ,,iii--,g5]al au?orities ,sec4 #cja4 ,rulemak+4 ,sec4 #cjb4 ,au?ority to consolidate reports4 ,sec4 #cjc4 ,rule ( con/ruction4 #b4 ,f9d+s ,congress f9ds ! foll[+3 7#a7 ,s9ce #bjjf1 ! ,unit$ ,nations ,security ,c\ncil has approv$ #e resolutions impos+ sanctions aga9/ ,nor? ,korea "u *apt] ,,vii ( ! ,unit$ ,nations ,*>t]1 :i*-- 7,a7 prohibit ! use1 developm5t1 & prolif]ation ( weapons ( mass de/ruction by ! ,gov]nm5t ( ,nor? ,korea2 7,b7 prohibit ! transf] ( arms & relat$ mat]iel to or by ! ,gov]nm5t ( ,nor? ,korea2 7,c7 prohibit ! transf] ( luxury goods to ,nor? ,korea2 7,d7 re/rict access by ! ,gov]nm5t ( ,nor? ,korea to ! f9ancial sy/em & require due dilig5ce on ! "p ( f9ancial in/itutions to prev5t ! f9anc+ ( prolif]ation involv+ ! ,gov]nm5t ( ,nor? ,korea2 7,e7 re/rict ,nor? ,korean %ipp+1 includ+ ! reflagg+ ( %ips own$ or controll$ by ! ,gov]nm5t ( ,nor? ,korea2 7,f7 limit ! sale by ! ,gov]nm5t ( ,nor? ,korea ( preci\s metals1 iron1 coal1 vanadium1 & r>e e>? m9]als2 & 7,g7 prohibit ! transf] to ,nor? ,korea ( rocket1 aviation1 or jet fuel4 7#b7 ,! ,gov]nm5t ( ,nor? ,korea has ?reat5$ to c>ry out nucle> attacks aga9/ ! ,unit$ ,/ates & ,s\? ,korea & has s5t cl&e/9e ag5ts to kidnap or murd] ! citiz5s ( =eign c\ntries & murd] dissid5ts 9 exile4 7#c7 ,! ,f$]al ,bureau ( ,inve/igation has det]m9$ t ! ,gov]nm5t ( ,nor? ,korea 0 responsible = cyb]attacks aga9/ ! ,unit$ ,/ates & ,s\? ,korea4 7#d7 ,9 ,febru>y #bjaf1 ! ,director ( ,national ,intellig5ce report$ t ! ,gov]nm5t ( ,nor? ,korea is committ$ to develop+ a long-range1 nucle>-arm$ missile t is capable ( pos+ a direct ?reat to ! ,unit$ ,/ates & "s arms control exp]ts h e/imat$ t ! ,gov]nm5t ( ,nor? ,korea may acquire ?is capability by #bjbj4 7#e7 ,! ,gov]nm5t ( ,nor? ,korea te/$ its #e? & l>ge/ nucle> device on ,septemb] #i1 #bjaf4 7#f7 ,! ,gov]nm5t ( ,nor? ,korea has increas$ ! pace ( its missile te/+1 includ+ ! te/ ( a subm>9e-laun*$ balli/ic missile1 pot5tially fur!r+ ! developm5t ( capability to attack ! ,unit$ ,/ates ) a nucle> weapon4 7#g7 ,f9ancial transactions & inve/m5ts t provide f9ancial res\rces to ! ,gov]nm5t ( ,nor? ,korea1 & t fail to incorporate adequate safegu>ds aga9/ ! misuse ( ^? f9ancial res\rces1 pose an undue risk ( contribut+ to-- 7,a7 weapons ( mass de/ruction programs ( t gov]nm5t2 & 7,b7 prohibit$ imports or exports ( arms & relat$ mat]iel1 s]vices1 or te*nology by t gov]nm5t4 7#h7 ,! /rict en=cem5t ( sanctions is ess5tial to ! ef=ts by ! int]national community to a*ieve ! peaceful1 complete1 v]ifiable1 & irrev]sible dismantlem5t ( weapons ( mass de/ruction programs ( ! ,gov]nm5t ( ,nor? ,korea4 #c4 ,def9itions ,9 ?is ,act3 7#a7 ,applicable ,executive ord]2 applicable ,unit$ ,nations ,security ,c\ncil resolution2 ,gov]nm5t ( ,nor? ,korea2 ,nor? ,korea ,! t]ms applicable ,executive ord]1 applicable ,unit$ ,nations ,security ,c\ncil resolution1 ,gov]nm5t ( ,nor? ,korea1 & ,nor? ,korea h ! mean+s giv5 ^? t]ms 9 section #c ( ! ,nor? ,korea ,sanctions & ,policy ,enhancem5t ,act ( #bjaf 7#bb ,u4,s4,c4 #ibjb74 7#b7 ,appropriate congressional committees ,! t]m appropriate congressional committees means-- 7,a7 ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs & ! ,committee on ,=eign ,relations ( ! ,s5ate2 & 7,b7 ! ,committee on ,f9ancial ,s]vices & ! ,committee on ,=eign ,affairs ( ! ,h\se ( ,repres5tatives4 7#c7 ,kn[+ly ,! t]m kn[+ly1 ) respect to conduct1 a circum/ance1 or a result1 means t a p]son has actual k1 or %\ld h kn[n1 ( ! conduct1 ! circum/ance1 or ! result4 7#d7 ,nor? ,korean cov]$ prop]ty 7,a7 ,9 g5]al ,! t]m ,nor? ,korean cov]$ prop]ty includes any goods1 s]vices1 or te*nology-- 7i7 t are 9 ,nor? ,korea2 7ii7 t are made ) significant am\nts ( ,nor? ,korean labor1 mat]ials1 goods1 or te*nology2 7iii7 9 :i* ! ,gov]nm5t ( ,nor? ,korea or a ,nor? ,korean f9ancial in/itution has a significant int]e/ or ex]cises significant control2 or 7iv7 9 :i* a designat$ p]son has a significant int]e/ or ex]cises significant control4 7,b7 ,designat$ p]son ,9 ?is p>agraph1 ! t]m designat$ p]son means a p]son :o is designat$ "u-- 7i7 an applicable ,executive ord]2 7ii7 an applicable ,unit$ ,nations ,security ,c\ncil resolution2 or 7iii7 section #ajd ( ! ,nor? ,korea ,sanctions & ,policy ,enhancem5t ,act ( #bjaf 7#bb ,u4,s4,c4 #ibjd74 7#e7 ,nor? ,korean f9ancial in/itution ,! t]m ,nor? ,korean f9ancial in/itution includes-- 7,a7 any ,nor? ,korean f9ancial in/itution1 z def9$ 9 section #c ( ! ,nor? ,korea ,sanctions & ,policy ,enhancem5t ,act ( #bjaf 7#bb ,u4,s4,c4 #ibjb72 7,b7 any f9ancial ag5cy1 z def9$ 9 section #ecab ( title #ca1 ,unit$ ,/ates ,code1 t is own$ or controll$ by ! ,gov]nm5t ( ,nor? ,korea2 7,c7 any money transmitt+ bus9ess1 z def9$ 9 section #eccj7;d7 ( title #ca1 ,unit$ ,/ates ,code1 t is own$ or controll$ by ! ,gov]nm5t ( ,nor? ,korea2 & 7,d7 any f9ancial in/itution t is a jo9t v5ture betwe5 any p]son & ! ,gov]nm5t ( ,nor? ,korea4 7#f7 ,secret>y ,unless o!rwise specifi$1 ! t]m ,secret>y means ! ,secret>y ( ! ,treasury4 7#g7 ,unit$ ,/ates f9ancial in/itution ,! t]m ,unit$ ,/ates f9ancial in/itution means a f9ancial in/itution t-- 7,a7 is a ,unit$ ,/ates p]son1 reg>dless ( :]e ! p]son op]ates2 or 7,b7 op]ates or does bus9ess 9 ! ,unit$ ,/ates1 includ+ by conduct+ wire transf]s ?r\gh correspond5t banks 9 ! ,unit$ ,/ates4 7#h7 ,unit$ ,/ates p]son ,! t]m ,unit$ ,/ates p]son means-- 7,a7 a citiz5 or resid5t ( ! ,unit$ ,/ates or a national ( ! ,unit$ ,/ates 7z def9$ 9 section #aja7;a7 ( ! ,immigration & ,nationality ,act 7#h ,u4,s4,c4 #aaja7;a7772 & 7,b7 an entity t is organiz$ "u ! laws ( ! ,unit$ ,/ates or any jurisdiction )9 ! ,unit$ ,/ates1 includ+ a =eign subsidi>y ( su* an entity4 ,i ,f9ancial requirem5ts & sanctions relat+ to transactions involv+ ,nor? ,korea #aja4 ,sanctions ) respect to f9ancial in/itutions provid+ support to ! ,gov]nm5t ( ,nor? ,korea 7a7 ,report on noncompliant f9ancial in/itutions 7#a7 ,9 g5]al ,n lat] ?an #fj days aft] ! date ( ! enactm5t ( ?is ,act1 & e #ahj days !reaft]1 ! ,presid5t %all submit to ! appropriate congressional committees & publi% 9 ! ,f$]al ,regi/] a report t conta9s a li/ ( any f9ancial in/itutions t ! ,presid5t has id5tifi$ z hav+ engag$ 91 dur+ ! "o-ye> p]iod prec$+ ! submission ( ! report1 ! foll[+ conduct3 7,a7 ,deal+ 9 ,nor? ,korean cov]$ prop]ty4 7,b7 ,provid+ correspond5t or int]bank s]vices to "o or m ,nor? ,korean f9ancial in/itutions4 7,c7 ,fail+ to apply enhanc$ due dilig5ce to prev5t ,nor? ,korean f9ancial in/itutions f ga9+ access to correspond5t or int]bank s]vices 9 ! ,unit$ ,/ates or provid$ by ,unit$ ,/ates p]sons4 7,d7 ,kn[+ly op]at+ or p>ticipat+ ) or on behalf ( an (f%ore ,unit$ ,/ates doll> cle>+ sy/em t conducts transactions involv+ ! ,gov]nm5t ( ,nor? ,korea or ,nor? ,korean cov]$ prop]ty4 7,e7 ,conduct+ or facilitat+ "o or m significant transactions 9 ,nor? ,korean cov]$ prop]ty involv+ cov]$ goods 7z t t]m is def9$ 9 section #ajbg4ajj ( title #ca1 ,code ( ,f$]al ,regulations1 or any successor regulation7 or ! curr5cy ( a c\ntry o!r ?an ! c\ntry 9 :i* ! p]son is op]at+ at ! "t ( ! transaction4 7#b7 ,=m ( report ,ea* report requir$ "u p>agraph 7#a7 %all be submitt$ 9 unclassifi$ =m b may conta9 a classifi$ annex4 7b7 ,imposition ( sanctions 7#a7 ,9 g5]al ,if ! ,presid5t det]m9es t a f9ancial in/itution id5tifi$ "u subsection 7a7 has kn[+ly engag$ 9 conduct describ$ 9 t subsection1 ! ,presid5t %all apply ! foll[+ sanctions ) respect to t f9ancial in/itution3 7,a7 ,prohibit ! designation ( ! f9ancial in/itution1 or ! cont9uation ( any prior designation ( ! f9ancial in/itution1 z a prim>y deal] 9 ,unit$ ,/ates ,gov]nm5t debt in/rum5ts4 7,b7 ,prohibit ! f9ancial in/itution f s]v+ z ag5t ( ! ,unit$ ,/ates ,gov]nm5t or z a repository = funds ( ! ,unit$ ,/ates ,gov]nm5t4 7,c7 ,"o or m ( ! foll[+3 7i7 ,prohibit ! op5+1 & prohibit or impose /rict conditions on ! ma9ta9+1 9 ! ,unit$ ,/ates ( any correspond5t acc\nt or payable-?r\gh acc\nt by ! f9ancial in/itution if ! f9ancial in/itution is a =eign f9ancial in/itution4 7ii7 ,prohibit any transactions 9 =eign ex*ange t are subject to ! jurisdiction ( ! ,unit$ ,/ates & 9 :i* ! f9ancial in/itution has any int]e/4 7iii7 ,9 accordance ) ! ,int]national ,em]g5cy ,economic ,p[]s ,act 7#ej ,u4,s4,c4 #agja et seq471 block & prohibit all transactions 9 all prop]ty & int]e/s 9 prop]ty ( ! f9ancial in/itution if su* prop]ty & int]e/s 9 prop]ty are 9 ! ,unit$ ,/ates1 come )9 ! ,unit$ ,/ates1 or are or come )9 ! possession or control ( a ,unit$ ,/ates p]son4 7#b7 ,civil p5alties ,if ! ,presid5t det]m9es t a f9ancial in/itution id5tifi$ "u subsection 7a7 t is a ,unit$ ,/ates f9ancial in/itution has kn[+ly engag$ 9 conduct describ$ 9 t subsection-- 7,a7 if ! f9ancial in/itution has tak5 reasonable /eps to prev5t a recurr5ce ( conduct describ$ 9 t subsection & is coop]at+ fully ) ! ef=ts ( ! ,presid5t to en=ce ! provisions ( ?is ,act-- 7i7 unless ! f9ancial in/itution is describ$ 9 clause 7ii71 ! ,presid5t %all impose a civil p5alty n to exce$ #ajj1jjj = ea* reportable act describ$ 9 subp>agraphs 7,a7 ?r\gh 7,e7 ( subsection 7a77#a7 t is kn[+ly conduct$2 or 7ii7 if ! f9ancial in/itution has n previ\sly be5 report$ = simil> conduct "u subsection 7a71 ! ,presid5t %all issue a caution>y lett] to t f9ancial in/itution2 or 7,b7 if ! f9ancial in/itution is n a f9ancial in/itution describ$ 9 subp>agraph 7,a71 ! ,presid5t %all impose a civil p5alty n to exce$ #bej1jjj = ea* reportable act describ$ 9 subp>agraphs 7,a7 ?r\gh 7,e7 ( subsection 7a77#a7 t is kn[+ly conduct$4 7c7 ,susp5sion = law en=cem5t purposes ,! ,presid5t may susp5d ! submission ( ! reports describ$ 9 subsection 7a7 & ! application ( sanctions & p5alties describ$ 9 subsection 7b7 = a "o-ye> p]iod if-- 7#a7 su* report+ & application ( sanctions & p5alties c\ld compromise an ongo+ law en=cem5t inve/igation or prosecution2 or 7#b7 a crim9al prosecution is p5d+1 or a crim9al or civil f9e or p5alty has be5 impos$ or conditionally def]r$1 = ! conduct report$ pursuant to subsection 7a74 7d7 ,susp5sion & t]m9ation ( sanctions & p5alties 7#a7 ,susp5sion ,! ,presid5t may susp5d ! application ( any sanctions or p5alties "u subsection 7b7 = a p]iod ( n m ?an "o ye> if ! ,presid5t c]tifies to ! appropriate congressional committees t ! ,gov]nm5t ( ,nor? ,korea is tak+ /eps t[>d-- 7,a7 ! v]ification ( its compliance ) applicable ,unit$ ,nations ,security ,c\ncil ,resolutions2 & 7,b7 fully acc\nt+ = & repatriat+ ,unit$ ,/ates citiz5s & p]man5t resid5ts 7includ+ deceas$ ,unit$ ,/ates citiz5s & p]man5t resid5ts7-- 7i7 abduct$ or unlawfully held captive by ! ,gov]nm5t ( ,nor? ,korea2 or 7ii7 deta9$ 9 violation ( ! ,agreem5t ,conc]n+ a ,milit>y ,armi/ice 9 ,korea1 sign$ at ,panmunjom ,july #bg1 #aiec 7commonly ref]r$ to z ! ,korean ,w> ,armi/ice ,agreem5t74 7#b7 ,r5ewal ( susp5sion ,! ,presid5t may r5ew a susp5sion describ$ 9 p>agraph 7#a7 = additional p]iods ( n m ?an #ahj days if ! ,presid5t c]tifies to ! appropriate congressional committees t ! ,gov]nm5t ( ,nor? ,korea cont9ues to take /eps z describ$ 9 p>agraph 7#a74 7#c7 ,t]m9ation ( sanctions ,subject to subsection 7f71 ! ,presid5t may t]m9ate ! application ( any sanctions or p5alties "u subsection 7b7 if ! ,presid5t c]tifies t ! ,gov]nm5t ( ,nor? ,korea has made significant progress t[>ds-- 7,a7 completely1 v]ifiably1 & irrev]sibly dismantl+ all ( its nucle>1 *emical1 biological1 & radiological weapons programs1 includ+ all programs = ! developm5t ( sy/ems design$ 9 :ole or 9 "p = ! deliv]y ( su* weapons2 & 7,b7 fully acc\nt+ = & repatriat+ ,unit$ ,/ates citiz5s & p]man5t resid5ts 7includ+ deceas$ ,unit$ ,/ates citiz5s & p]man5t resid5ts7-- 7i7 abduct$ or unlawfully held captive by ! ,gov]nm5t ( ,nor? ,korea2 or 7ii7 deta9$ 9 violation ( ! ,agreem5t ,conc]n+ a ,milit>y ,armi/ice 9 ,korea1 sign$ at ,panmunjom ,july #bg1 #aiec 7commonly ref]r$ to z ! ,korean ,w> ,armi/ice ,agreem5t74 7e7 ,waiv] ,subject to subsection 7f71 ! ,presid5t may waive ! application ( sanctions or p5alties "u subsection 7b7 ) respect to a f9ancial in/itution if ! ,presid5t det]m9es t ! waiv] is 9 ! national security int]e/ ( ! ,unit$ ,/ates4 7f7 ,congressional review ( propos$ actions ,to waive or t]m9ate sanctions 7#a7 ,submission to ,congress ( propos$ action 7,a7 ,9 g5]al ,not)/&+ any o!r provision ( law1 be=e tak+ any action describ$ 9 subp>agraph 7,b71 ! ,presid5t %all submit to ! appropriate congressional committees & lead]%ip a report t describes ! propos$ action & ! reasons = t action4 7,b7 ,actions describ$ ,an action describ$ 9 ?is subp>agraph is-- 7i7 an action to susp5d1 r5ew a susp5sion1 or t]m9ate "u subsection 7d7 ! application ( sanctions or p5alties "u subsection 7b72 or 7ii7 ) respect to sanctions or p5alties "u subsection 7b7 impos$ by ! ,presid5t ) respect to a p]son1 an action to waive "u subsection 7e7 ! application ( ^? sanctions or p5alties ) respect to t p]son4 7,c7 ,description ( type ( action ,ea* report submitt$ "u subp>agraph 7,a7 ) respect to an action describ$ 9 subp>agraph 7,b7 %all include a description ( :e!r ! action-- 7i7 is n int5d$ to significantly alt] ,unit$ ,/ates =eign policy ) reg>d to ,nor? ,korea2 or 7ii7 is int5d$ to significantly alt] ,unit$ ,/ates =eign policy ) reg>d to ,nor? ,korea4 7,d7 ,inclusion ( additional matt] 7i7 ,9 g5]al ,ea* report submitt$ "u subp>agraph 7,a7 t relates to an action t is int5d$ to significantly alt] ,unit$ ,/ates =eign policy ) reg>d to ,nor? ,korea %all include a description (-- 7,i7 ! significant alt]ation to ,unit$ ,/ates =eign policy ) reg>d to ,nor? ,korea2 7,,ii7 ! anticipat$ effect ( ! action on ! national security int]e/s ( ! ,unit$ ,/ates2 & 7,,iii7 ! policy objectives = :i* ! sanctions affect$ by ! action 7 initially impos$4 7ii7 ,reque/s f ,bank+ & ,f9ancial ,s]vices committees ,! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate or ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives may reque/ ! submission to ! ,committee ( ! matt] describ$ 9 subclauses 7,,ii7 & 7,,iii7 ( clause 7i7 ) respect to a report submitt$ "u subp>agraph 7,a7 t relates to an action t is n int5d$ to significantly alt] ,unit$ ,/ates =eign policy ) reg>d to ,nor? ,korea4 7#b7 ,p]iod = review by ,congress 7,a7 ,9 g5]al ,dur+ ! p]iod ( #cj cal5d> days beg9n+ on ! date on :i* ! ,presid5t submits a report "u p>agraph 7#a77;,a7-- 7i7 9 ! case ( a report t relates to an action t is n int5d$ to significantly alt] ,unit$ ,/ates =eign policy ) reg>d to ,nor? ,korea1 ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives %\ld1 z appropriate1 hold he>+s & brief+s & o!rwise obta9 in=mation 9 ord] to fully review ! report2 & 7ii7 9 ! case ( a report t relates to an action t is int5d$ to significantly alt] ,unit$ ,/ates =eign policy ) reg>d to ,nor? ,korea1 ! ,committee on ,=eign ,relations ( ! ,s5ate & ! ,committee on ,=eign ,affairs ( ! ,h\se ( ,repres5tatives %\ld1 z appropriate1 hold he>+s & brief+s & o!rwise obta9 in=mation 9 ord] to fully review ! report4 7,b7 ,exception ,! p]iod = congressional review "u subp>agraph 7,a7 ( a report requir$ to be submitt$ "u p>agraph 7#a77;,a7 %all be #fj cal5d> days if ! report is submitt$ on or aft] ,july #aj & on or be=e ,septemb] #g 9 any cal5d> ye>4 7,c7 ,limitation on actions dur+ initial congressional review p]iod ,not)/&+ any o!r provision ( law1 dur+ ! p]iod = congressional review provid$ = "u subp>agraph 7,a7 ( a report submitt$ "u p>agraph 7#a77;,a7 propos+ an action describ$ 9 p>agraph 7#a77;,b71 includ+ any additional p]iod = su* review z applicable "u ! exception provid$ 9 subp>agraph 7,b71 ! ,presid5t may n take t action unless a jo9t resolution ( approval ) respect to t action is enact$ 9 accordance ) p>agraph 7#c74 7,d7 ,limitation on actions dur+ presid5tial consid]ation ( a jo9t resolution ( disapproval ,not)/&+ any o!r provision ( law1 if a jo9t resolution ( disapproval relat+ to a report submitt$ "u p>agraph 7#a77;,a7 propos+ an action describ$ 9 p>agraph 7#a77;,b7 passes bo? ,h\ses ( ,congress 9 accordance ) p>agraph 7#c71 ! ,presid5t may n take t action = a p]iod ( #ab cal5d> days aft] ! date ( passage ( ! jo9t resolution ( disapproval4 7,e7 ,limitation on actions dur+ congressional reconsid]ation ( a jo9t resolution ( disapproval ,not)/&+ any o!r provision ( law1 if a jo9t resolution ( disapproval relat+ to a report submitt$ "u p>agraph 7#a77;,a7 propos+ an action describ$ 9 p>agraph 7#a77;,b7 passes bo? ,h\ses ( ,congress 9 accordance ) p>agraph 7#c71 & ! ,presid5t vetoes ! jo9t resolution1 ! ,presid5t may n take t action = a p]iod ( #aj cal5d> days aft] ! date ( ! ,presid5t's veto4 7,f7 ,effect ( enactm5t ( a jo9t resolution ( disapproval ,not)/&+ any o!r provision ( law1 if a jo9t resolution ( disapproval relat+ to a report submitt$ "u p>agraph 7#a77;,a7 propos+ an action describ$ 9 p>agraph 7#a77;,b7 is enact$ 9 accordance ) p>agraph 7#c71 ! ,presid5t may n take t action4 7#c7 ,jo9t resolutions ( disapproval or approval 7,a7 ,jo9t resolutions ( disapproval or approval def9$ ,9 ?is p>agraph3 7i7 ,jo9t resolution ( approval ,! t]m jo9t resolution ( approval means only a jo9t resolution ( ei!r ,h\se ( ,congress-- 7,i7 ! title ( :i* is z foll[s3 ,a jo9t resolution approv+ ! ,presid5t's proposal to take an action relat+ to ! application ( c]ta9 sanctions ) respect to ,nor? ,korea42 & 7,,ii7 ! sole matt] aft] ! resolv+ clause ( :i* is ! foll[+3 ,congress approves ( ! action relat+ to ! application ( sanctions impos$ ) respect to ,nor? ,korea propos$ by ! ,presid5t 9 ! report submitt$ to ,congress "u section #aja7;f77#a77;,a7 ( ! ,bank+ ,re/rictions ,involv+ ,nor? ,korea 7,,br9k7 ,act ( #bjag on relat+ to 41 ) ! fir/ blank space be+ fill$ ) ! appropriate date & ! second blank space be+ fill$ ) a %ort description ( ! propos$ action4 7ii7 ,jo9t resolution ( disapproval ,! t]m jo9t resolution ( disapproval means only a jo9t resolution ( ei!r ,h\se ( ,congress-- 7,i7 ! title ( :i* is z foll[s3 ,a jo9t resolution disapprov+ ! ,presid5t's proposal to take an action relat+ to ! application ( c]ta9 sanctions ) respect to ,nor? ,korea42 & 7,,ii7 ! sole matt] aft] ! resolv+ clause ( :i* is ! foll[+3 ,congress disapproves ( ! action relat+ to ! application ( sanctions impos$ ) respect to ,nor? ,korea propos$ by ! ,presid5t 9 ! report submitt$ to ,congress "u section #aja7;f77#a77;,a7 ( ! ,bank+ ,re/rictions ,involv+ ,nor? ,korea 7,,br9k7 ,act ( #bjag on relat+ to 41 ) ! fir/ blank space be+ fill$ ) ! appropriate date & ! second blank space be+ fill$ ) a %ort description ( ! propos$ action4 7,b7 ,introduction ,dur+ ! p]iod ( #cj cal5d> days provid$ = "u p>agraph 7#b77;,a71 includ+ any additional p]iod z applicable "u ! exception provid$ 9 p>agraph 7#b77;,b71 a jo9t resolution ( approval or jo9t resolution ( disapproval may be introduc$-- 7i7 9 ! ,h\se ( ,repres5tatives1 by ! majority lead] or ! m9ority lead]2 & 7ii7 9 ! ,s5ate1 by ! majority lead] 7or ! majority lead]'s designee7 or ! m9ority lead] 7or ! m9ority lead]'s designee74 7,c7 ,floor consid]ation 9 ,h\se ( ,repres5tatives 7i7 ,report+ & dis*>ge ,if a committee ( ! ,h\se ( ,repres5tatives to :i* a jo9t resolution ( approval or jo9t resolution ( disapproval has be5 ref]r$ has n report$ ! jo9t resolution )9 #aj cal5d> days aft] ! date ( ref]ral1 t committee %all be dis*>g$ f fur!r consid]ation ( ! jo9t resolution4 7ii7 ,proce$+ to consid]ation ,beg9n+ on ! ?ird legislative day aft] ea* committee to :i* a jo9t resolution ( approval or jo9t resolution ( disapproval has be5 ref]r$ reports ! jo9t resolution to ! ,h\se or has be5 dis*>g$ f fur!r consid]ation ( ! jo9t resolution1 x %all be 9 ord] to move to proce$ to consid] ! jo9t resolution 9 ! ,h\se4 ,all po9ts ( ord] aga9/ ! motion are waiv$4 ,su* a motion %all n be 9 ord] aft] ! ,h\se has dispos$ ( a motion to proce$ on ! jo9t resolution4 ,! previ\s "q %all be consid]$ z ord]$ on ! motion to its adoption )\t int]v5+ motion4 ,! motion %all n be debatable4 ,a motion to reconsid] ! vote by :i* ! motion is dispos$ ( %all n be 9 ord]4 7iii7 ,consid]ation ,! jo9t resolution ( approval or jo9t resolution ( disapproval %all be consid]$ z read4 ,all po9ts ( ord] aga9/ ! jo9t resolution & aga9/ its consid]ation are waiv$4 ,! previ\s "q %all be consid]$ z ord]$ on ! jo9t resolution to f9al passage )\t int]v5+ motion except #b h\rs ( debate equally divid$ & controll$ by ! sponsor ( ! jo9t resolution 7or a designee7 & an oppon5t4 ,a motion to reconsid] ! vote on passage ( ! jo9t resolution %all n be 9 ord]4 7,d7 ,consid]ation 9 ! s5ate 7i7 ,committee ref]ral ,a jo9t resolution ( approval or jo9t resolution ( disapproval introduc$ 9 ! ,s5ate %all be-- 7,i7 ref]r$ to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs if ! jo9t resolution relates to a report submitt$ "u p>agraph 7#a77;,a7 ) respect to an action t is n int5d$ to significantly alt] ,unit$ ,/ates =eign policy ) reg>d to ,nor? ,korea2 & 7,,ii7 ref]r$ to ! ,committee on ,=eign ,relations if ! jo9t resolution relates to a report submitt$ "u p>agraph 7#a77;,a7 ) respect to an action t is int5d$ to significantly alt] ,unit$ ,/ates =eign policy ) respect to ,nor? ,korea4 7ii7 ,report+ & dis*>ge ,if ! committee to :i* a jo9t resolution ( approval or jo9t resolution ( disapproval 0 ref]r$ has n report$ ! jo9t resolution )9 #aj cal5d> days aft] ! date ( ref]ral ( ! jo9t resolution1 t committee %all be dis*>g$ f fur!r consid]ation ( ! jo9t resolution & ! jo9t resolution %all be plac$ on ! appropriate cal5d>4 7iii7 ,proce$+ to consid]ation ,not)/&+ ,rule ,,xxii ( ! ,/&+ ,rules ( ! ,s5ate1 x is 9 ord] at any "t aft] ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs or ! ,committee on ,=eign ,relations1 z ! case may be1 reports a jo9t resolution ( approval or jo9t resolution ( disapproval to ! ,s5ate or has be5 dis*>g$ f consid]ation ( su* a jo9t resolution 7ev5 ?\gh a previ\s motion to ! same effect has be5 disagre$ to7 to move to proce$ to ! consid]ation ( ! jo9t resolution1 & all po9ts ( ord] aga9/ ! jo9t resolution 7& aga9/ consid]ation ( ! jo9t resolution7 are waiv$4 ,! motion to proce$ is n debatable4 ,! motion is n subject to a motion to po/pone4 ,a motion to reconsid] ! vote by :i* ! motion is agre$ to or disagre$ to %all n be 9 ord]4 7iv7 ,rul+s ( ! *air on proc$ure ,appeals f ! decisions ( ! ,*air relat+ to ! application ( ! rules ( ! ,s5ate1 z ! case may be1 to ! proc$ure relat+ to a jo9t resolution ( approval or jo9t resolution ( disapproval %all be decid$ )\t debate4 7v7 ,consid]ation ( veto messages ,debate 9 ! ,s5ate ( any veto message ) respect to a jo9t resolution ( approval or jo9t resolution ( disapproval1 includ+ all debatable motions & appeals 9 connection ) ! jo9t resolution1 %all be limit$ to #aj h\rs1 to be equally divid$ betwe51 & controll$ by1 ! majority lead] & ! m9ority lead] or _! designees4 7,e7 ,rules relat+ to s5ate & ,h\se ( ,repres5tatives 7i7 ,coord9ation ) action by o!r ,h\se ,if1 be=e ! passage by "o ,h\se ( a jo9t resolution ( approval or jo9t resolution ( disapproval ( t ,h\se1 t ,h\se receives an id5tical jo9t resolution f ! o!r ,h\se1 ! foll[+ proc$ures %all apply3 7,i7 ,! jo9t resolution ( ! o!r ,h\se %all n be ref]r$ to a committee4 7,,ii7 ,) respect to ! jo9t resolution ( ! ,h\se receiv+ ! jo9t resolution f ! o!r ,h\se-- 7aa7 ! proc$ure 9 t ,h\se %all be ! same z if no jo9t resolution _h be5 receiv$ f ! o!r ,h\se2 b 7bb7 ! vote on passage %all be on ! jo9t resolution ( ! o!r ,h\se4 7ii7 ,treatm5t ( a jo9t resolution ( o!r ,h\se ,if "o ,h\se fails to introduce a jo9t resolution ( approval or jo9t resolution ( disapproval1 a jo9t resolution ( approval or jo9t resolution ( disapproval ( ! o!r ,h\se %all be entitl$ to exp$it$ proc$ures 9 t ,h\se "u ?is subsection4 7iii7 ,treatm5t ( ,h\se jo9t resolution 9 ,s5ate ,if1 foll[+ passage ( a jo9t resolution ( approval or jo9t resolution ( disapproval 9 ! ,s5ate1 ! ,s5ate receives an id5tical jo9t resolution f ! ,h\se ( ,repres5tatives1 t jo9t resolution %all be plac$ on ! appropriate ,s5ate cal5d>4 7iv7 ,application to rev5ue measures ,! provisions ( ?is subp>agraph %all n apply 9 ! ,h\se ( ,repres5tatives to a jo9t resolution ( approval or jo9t resolution ( disapproval t is a rev5ue measure4 7,f7 ,rules ( h\se ( repres5tatives & s5ate ,?is p>agraph is enact$ by ,congress-- 7i7 z an ex]cise ( ! rulemak+ p[] ( ! ,s5ate & ! ,h\se ( ,repres5tatives1 respectively1 & z su* is deem$ a "p ( ! rules ( ea* ,h\se1 respectively1 b applicable only ) respect to ! proc$ure to be foll[$ 9 t ,h\se 9 ! case ( a jo9t resolution ( approval or jo9t resolution ( disapproval1 & sup]s$es o!r rules only to ! ext5t t x is inconsi/5t ) su* rules2 & 7ii7 ) full recognition ( ! con/itutional "r ( ei!r ,h\se to *ange ! rules 7s f> z relat+ to ! proc$ure ( t ,h\se7 at any "t1 9 ! same mann]1 & to ! same ext5t z 9 ! case ( any o!r rule ( t ,h\se4 7g7 ,brief+ requir$ ,n lat] ?an #ahj days aft] ! date ( ! enactm5t ( ?is ,act1 & e #ahj days !reaft]1 ! ,presid5t %all brief ! appropriate congressional committees on ! /atus ( ef=ts by ! ,presid5t to prev5t conduct describ$ 9 subp>agraphs 7,a7 ?r\gh 7,e7 ( subsection 7a77#a74 7h7 ,rule ( con/ruction ,no?+ 9 ?is section %all be con/ru$ to prohibit any p]son f1 or au?orize or require ! imposition ( sanctions ) respect to any p]son =1 conduct+ or facilitat+ any transaction = ! sale or donation ( agricultural commodities1 food1 m$ic9e1 or m$ical devices4 7i7 ,appropriate congressional committees & lead]%ip def9$ ,9 ?is section1 ! t]m appropriate congressional committees & lead]%ip means-- 7#a7 ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs1 ! ,committee on ,=eign ,relations1 & ! majority & m9ority lead]s ( ! ,s5ate2 & 7#b7 ! ,committee on ,f9ancial ,s]vices1 ! ,committee on ,=eign ,affairs1 & ! ,speak]1 ! majority lead]1 & ! m9ority lead] ( ! ,h\se ( ,repres5tatives4 #ajb4 ,expansion ( lic5s+ requirem5ts = transactions 9 ,nor? ,korean cov]$ prop]ty 7a7 ,lic5se requir$ 7#a7 ,9 g5]al ,except z provid$ 9 p>agraph 7#b71 n lat] ?an #ahj days aft] ! date ( ! enactm5t ( ?is ,act1 ! ,presid5t %all prescribe regulations prohibit+ any transaction involv+ ! manufacture1 sale1 pur*ase1 transf]1 import1 or export ( ,nor? ,korean cov]$ prop]ty by a ,unit$ ,/ates p]son or conduct$ 9 ! ,unit$ ,/ates4 7#b7 ,exception 7,a7 ,9 g5]al ,except z provid$ 9 subp>agraph 7,b71 ! ,secret>y may grant lic5ses & p]mits = ! foll[+ purposes3 7i7 ,= any purpose cov]$ by an exemption or waiv] "u section #bjh ( ! ,nor? ,korea ,sanctions & ,policy ,enhancem5t ,act ( #bjaf 7#bb ,u4,s4,c4 #ibbh71 includ+ humanit>ian1 diplomatic1 consul>1 law en=cem5t1 & o!r purposes4 7ii7 ,to import food products into ,nor? ,korea if su* food products are n def9$ z luxury goods4 7iii7 ,to meet an urg5t & compell+ humanit>ian ne$4 7iv7 ,= activities to promote human rights 9 ,nor? ,korea1 ! developm5t ( private agriculture & m>kets 9 ,nor? ,korea1 & ! free fl[ ( in=mation to1 f1 & )9 ,nor? ,korea4 7v7 ,to import agricultural products1 m$ic9e1 or m$ical devices into ,nor? ,korea if su* products1 m$ic9e1 or devices are classifi$ z designat$ ,,e> #ii "u sub*apt] ,c ( *apt] ,,vii ( title #ae1 ,code ( ,f$]al ,regulations1 or any successor regulations 7commonly kn[n z ! ,export ,adm9i/ration ,regulations71 & n controll$ "u-- 7,i7 ! ,export ,adm9i/ration ,act ( #aigi 7#ej ,u4,s4,c4 ,app4 #bdja et seq471 z cont9u$ 9 effect "u ! ,int]national ,em]g5cy ,economic ,p[]s ,act 7#ej ,u4,s4,c4 #agja et seq472 7,,ii7 ! ,arms ,export ,control ,act 7#bb ,u4,s4,c4 #bgea et seq472 7,,iii7 "p ,b ( title ,,viii ( ! ,nucle> ,prolif]ation ,prev5tion ,act ( #aiid 7#bb ,u4,s4,c4 #fcja et seq472 or 7,,iv7 ! ,*emical & ,biological ,weapons ,control & ,w>f>e ,elim9ation ,act ( #aiia 7#bb ,u4,s4,c4 #efja et seq474 7,b7 ,exception ,! ,secret>y may n grant a lic5se or p]mit "u subp>agraph 7,a7 = an activity describ$ 9 section #ajd7;a7 ( ! ,nor? ,korea ,sanctions & ,policy ,enhancem5t ,act ( #bjaf 7#bb ,u4,s4,c4 #ibad7;a774 7b7 ,p5alties 7#a7 ,9 g5]al ,a p]son %all be f9$ n m ?an #e1jjj1jjj1 imprison$ = n m ?an #bj ye>s1 or bo?1 if ! p]son kn[+ly-- 7,a7 engages 9 a transaction describ$ 9 subsection 7a77#a71 except pursuant to a lic5se or p]mit grant$ "u ?is section or regulations prescrib$ pursuant to ?is section2 or 7,b7 evades a requirem5t to obta9 a lic5se or p]mit "u ?is section or a regulations prescrib$ pursuant to ?is section4 7#b7 ,=feiture ( prop]ty ,any prop]ty1 real or p]sonal1 t is involv$ 9 a transaction t is a violation ( subsection 7a77#a71 is involv$ 9 an attempt to conduct su* a transaction1 or con/itutes or is d]iv$ f proce$s traceable to su* a transaction1 is subject to =feiture to ! ,unit$ ,/ates4 7c7 ,report requir$ 7#a7 ,9 g5]al ,n lat] ?an #ahj days aft] ! date ( ! enactm5t ( ?is ,act1 & annually !reaft]1 ! ,presid5t %all submit to ! appropriate congressional committees a report li/+ any lic5ses or p]mits grant$ "u subsection 7a74 7#b7 ,=m ,ea* report requir$ "u p>agraph 7#a7 %all be submitt$ 9 unclassifi$ =m b may include a classifi$ annex4 7#c7 ,public availability ,n lat] ?an #cj days aft] ! submission ( a report "u p>agraph 7#a71 ! ,secret>y ( ! ,treasury & ! ,secret>y ( ,/ate %all ea* publi% ! unclassifi$ "p ( ! report on a publicly available ,int]net website ( ! ,dep>tm5t ( ! ,treasury & ! ,dep>tm5t ( ,/ate1 z ! case may be4 7d7 ,t]m9ation ( requirem5ts ,! ,presid5t may t]m9ate ! prohibition on transactions describ$ 9 subsection 7a7 & ! imposition ( p5alties "u subsection 7b7 if ! ,presid5t submits to ! appropriate congressional committees ! c]tification describ$ 9 section #djb ( ! ,nor? ,korea ,sanctions & ,policy ,enhancem5t ,act ( #bjaf 7#bb ,u4,s4,c4 #ibeb74 7e7 ,modification ( def9ition ( specifi$ unlawful activity = money laund]+ purposes ,section #aief7;c77#g77;,d7 ( title #ah1 ,unit$ ,/ates ,code1 is am5d$-- 7#a7 by /rik+ or section #ajd7;a7 ( & ins]t+ section #ajd7;a7 (2 & 7#b7 by ins]t+ be=e ! semicolon at ! end ! foll[+3 1 or section #ajb7;b7 ( ! ,bank+ ,re/rictions ,involv+ ,nor? ,korea 7,,br9k7 ,act ( #bjag 7relat+ to transactions 9 c]ta9 ,nor? ,korean prop]ty74 #ajc4 ,au?orization ( imposition ( sanctions ) respect to ! provision ( specializ$ f9ancial messag+ s]vices to ,nor? ,korean f9ancial in/itutions & sanction$ p]sons 7a7 ,s5se ( ,congress ,x is ! s5se ( ,congress t-- 7#a7 provid]s ( specializ$ f9ancial messag+ s]vices h be5 us$ z a critical l9k betwe5 ! ,gov]nm5t ( ,nor? ,korea & ! int]national f9ancial sy/em2 7#b7 ! ,f9ancial ,action ,task ,=ce has repeat$ly call$ = jurisdictions to apply c\nt]measures to protect ! f9ancial sy/em f ! risks ( money laund]+ & prolif]ation f9anc+ emanat+ f ,nor? ,korea2 7#c7 cr$ible publi%$ reports h implicat$ ! ,gov]nm5t ( ,nor? ,korea 9 /eal+ approximately #ha1jjj1jjj f ! ,banglade% ,bank & attempt+ to /eal ano!r #iea1jjj1jjj f o!r banks us+ a f9ancial messag+ s]vice2 & 7#d7 directly provid+ specializ$ f9ancial messag+ s]vices to1 or enabl+ or facilitat+ direct or indirect access to su* messag+ s]vices =1 any f9ancial in/itution designat$ by ! ,unit$ ,nations ,security ,c\ncil is inconsi/5t ) applicable ,unit$ ,nations ,security ,c\ncil resolutions4 7b7 ,au?orization ( imposition ( sanctions ,! ,presid5t may impose sanctions pursuant to ! ,int]national ,em]g5cy ,economic ,p[]s ,act 7#ej ,u4,s4,c4 #agja et seq47 ) respect to a p]son if1 on or aft] ! date t is #ij days aft] ! date ( ! enactm5t ( ?is ,act1 ! p]son kn[+ly & directly provides specializ$ f9ancial messag+ s]vices to1 or kn[+ly enables or facilitates direct or indirect access to su* messag+ s]vices =-- 7#a7 a ,nor? ,korean f9ancial in/itution2 7#b7 a p]son1 includ+ a f9ancial in/itution1 t is designat$ pursuant to-- 7,a7 an applicable ,executive ord]2 7,b7 an applicable ,unit$ ,nations ,security ,c\ncil resolution2 or 7,c7 section #ajd ( ! ,nor? ,korea ,sanctions & ,policy ,enhancem5t ,act ( #bjaf 7#bb ,u4,s4,c4 #ibad72 or 7#c7 a p]son subject to sanctions "u ?is ,act4 7c7 ,enabl+ or facilitat+ access to specializ$ f9ancial messag+ s]vices ,= purposes ( ?is section1 enabl+ or facilitat+ direct or indirect access to specializ$ f9ancial messag+ s]vices to a p]son describ$ 9 p>agraph 7#a7 or 7#b7 ( subsection 7b7 includes do+ s by s]v+ z an int]m$i>y f9ancial in/itution ) access to su* messag+ s]vices4 7d7 ,susp5sion & t]m9ation ( sanctions 7#a7 ,susp5sion ,! ,presid5t may susp5d ! application ( any sanctions "u subsection 7b7 = a p]iod ( n m ?an "o ye> if ! ,presid5t c]tifies to ! appropriate congressional committees t ! ,gov]nm5t ( ,nor? ,korea is tak+ /eps t[>d-- 7,a7 ! v]ification ( its compliance ) applicable ,unit$ ,nations ,security ,c\ncil ,resolutions2 & 7,b7 fully acc\nt+ = & repatriat+ ,unit$ ,/ates citiz5s & p]man5t resid5ts 7includ+ deceas$ ,unit$ ,/ates citiz5s & p]man5t resid5ts7-- 7i7 abduct$ or unlawfully held captive by ! ,gov]nm5t ( ,nor? ,korea2 or 7ii7 deta9$ 9 violation ( ! ,agreem5t ,conc]n+ a ,milit>y ,armi/ice 9 ,korea1 sign$ at ,panmunjom ,july #bg1 #aiec 7commonly ref]r$ to z ! ,korean ,w> ,armi/ice ,agreem5t74 7#b7 ,r5ewal ( susp5sion ,! ,presid5t may r5ew a susp5sion describ$ 9 p>agraph 7#a7 = additional p]iods ( n m ?an #ahj days if ! ,presid5t c]tifies to ! appropriate congressional committees t ! ,gov]nm5t ( ,nor? ,korea cont9ues to take /eps z describ$ 9 p>agraph 7#a74 7#c7 ,t]m9ation ( sanctions ,! ,presid5t may t]m9ate ! application ( any sanctions "u subsection 7b7 if ! ,presid5t c]tifies t ! ,gov]nm5t ( ,nor? ,korea has made significant progress t[>ds-- 7,a7 completely1 v]ifiably1 & irrev]sibly dismantl+ all ( its nucle>1 *emical1 biological1 & radiological weapons programs1 includ+ all programs = ! developm5t ( sy/ems design$ 9 :ole or 9 "p = ! deliv]y ( su* weapons2 & 7,b7 fully acc\nt+ = & repatriat+ ,unit$ ,/ates citiz5s & p]man5t resid5ts 7includ+ deceas$ ,unit$ ,/ates citiz5s & p]man5t resid5ts7-- 7i7 abduct$ or unlawfully held captive by ! ,gov]nm5t ( ,nor? ,korea2 or 7ii7 deta9$ 9 violation ( ! ,agreem5t ,conc]n+ a ,milit>y ,armi/ice 9 ,korea1 sign$ at ,panmunjom ,july #bg1 #aiec 7commonly ref]r$ to z ! ,korean ,w> ,armi/ice ,agreem5t74 #ajd4 ,au?orization ( imposition ( sanctions ) respect to gov]nm5ts t fail to comply ) ,unit$ ,nations ,security ,c\ncil sanctions aga9/ ,nor? ,korea 7a7 ,brief+ requir$ ,n lat] ?an #ij days aft] ! date ( ! enactm5t ( ?is ,act1 ! ,presid5t %all brief ! appropriate congressional committees reg>d+ ea* gov]nm5t ( a =eign c\ntry t ! ,presid5t has id5tifi$ z fail+ to-- 7#a7 close ! bran*es1 subsidi>ies1 or repres5tative (fices ( ,nor? ,korean f9ancial in/itutions 9 t c\ntry2 7#b7 expel repres5tatives ( ,nor? ,korean f9ancial in/itutions2 7#c7 close ! repres5tative (fices & expel ! repres5tatives ( p]sons designat$ "u applicable ,unit$ ,nations ,security ,c\ncil resolutions2 7#d7 prohibit jo9t v5tures ) ,nor? ,korean f9ancial in/itutions2 7#e7 d]egi/] any vessel t con/itutes ,nor? ,korean cov]$ prop]ty2 or 7#f7 expel ,nor? ,korean nationals1 includ+ diplomats1 work+ on behalf ( p]sons designat$ "u applicable ,unit$ ,nations ,security ,c\ncil resolutions4 7b7 ,publication ,! ,secret>y ( ! ,treasury %all publi% 9 ! ,f$]al ,regi/] ! names ( ea* =eign c\ntry t has fail$ to c>ry out ! activities describ$ 9 p>agraphs 7#a7 ?r\gh 7#f7 ( subsection 7a74 7c7 ,sanctions au?oriz$ ,) respect to any gov]nm5t ( a =eign c\ntry includ$ 9 ! brief+ "u subsection 7a71 ! ,presid5t may1 until su* "t z ! ,presid5t det]m9es t ! gov]nm5t has tak5 sub/antial /eps to t]m9ate conduct describ$ 9 t subsection1 impose "o or m ( ! foll[+ sanctions ) respect to t gov]nm5t3 7#a7 ,prohibit or curtail ! export ( any goods or te*nology to t =eign c\ntry pursuant to ! au?orities provid$ 9 section #f ( ! ,export ,adm9i/ration ,act ( #aigi 7#ej ,u4,s4,c4 #dfje7 7z cont9u$ 9 effect pursuant to ! ,int]national ,em]g5cy ,economic ,p[]s ,act 7#ej ,u4,s4,c4 #agja et seq4774 7#b7 ,)hold assi/ance "u ! ,=eign ,assi/ance ,act ( #aifa 7#bb ,u4,s4,c4 #baea et seq47 to t gov]nm5t4 7#c7 ,in/ruct ! ,unit$ ,/ates executive director at ea* int]national f9ancial in/itution 7z def9$ 9 section #agja7;c7 ( ! ,int]national ,f9ancial ,in/itutions ,act 7#bb ,u4,s4,c4 #bfbr7c777 to use ! voice & vote ( ! ,unit$ ,/ates to oppose ! provision ( loans1 b5efits1 or o!r use ( ! funds ( ! in/itution to t gov]nm5t4 7d7 ,rule ( con/ruction ,?is section %all n be con/ru$ to limit ! use ( o!r sanctions au?orities available to ! ,presid5t 9 response to conduct describ$ 9 subsection 7a74 #aje4 ,grants to conduct rese>* on f9ancial networks & f9ancial me?ods ( ! ,gov]nm5t ( ,nor? ,korea 7a7 ,grants au?oriz$ 7#a7 ,9 g5]al ,! ,presid5t1 act+ ?r\gh ! ,attorney ,g5]al1 ! ,secret>y ( ,/ate1 ! ,secret>y ( ! ,treasury1 or ! ,director ( ,national ,intellig5ce1 may aw>d grants to1 & ent] into coop]ative agreem5ts )1 ,/ates1 units ( local gov]nm5t1 nongov]nm5tal organizations1 & relevant int]national organizations to fur!r ! purposes ( ?is title & provide data to address ! issues id5tifi$ 9 section #b4 7#b7 ,rese>* initiatives ,grants aw>d$ & coop]ative agreem5ts ent]$ into "u p>agraph 7#a7 %all include grants & agreem5ts = ! purpose ( conduct+ rese>* initiatives on ! foll[+3 7,a7 ,! me?ods us$ by ! ,gov]nm5t ( ,nor? ,korea to deal 91 transact 91 or conceal ! own]%ip1 control1 or orig9 ( ,nor? ,korean cov]$ prop]ty4 7,b7 ,! relation%ip betwe5 prolif]ation by ! ,gov]nm5t ( ,nor? ,korea & ! f9ancial indu/ry or f9ancial in/itutions4 7,c7 ,! export by any p]son to ! ,unit$ ,/ates ( ,nor? ,korean cov]$ prop]ty4 7,d7 ,! involvem5t ( any p]son 9 human traffick+ involv+ citiz5s or nationals ( ,nor? ,korea4 7,e7 ,in=mation relat+ to transactions describ$ 9 section #ajb7;a74 7,f7 ,in=mation relat+ to activities describ$ 9 section #ajd7;a74 7,g7 ,in=mation relat+ to ! id5tification1 block+1 & release ( prop]ty or proce$s describ$ 9 section #ajg7;a74 7,h7 ,! effectiv5ess ( law en=cem5t & diplomatic initiatives ( ,f$]al1 ,/ate1 & =eign gov]nm5ts to comply ) ! provisions ( applicable ,unit$ ,nations ,security ,c\ncil resolutions4 7,i7 ,! effectiv5ess ( compliance programs )9 ! f9ancial indu/ry to ensure compliance ) applicable ,unit$ ,nations ,security ,c\ncil resolutions4 7b7 ,int]ag5cy coord9ation ,! ,presid5t %all ensure t any in=mation collect$ pursuant to subsection 7a7 is %>$ among ! ag5cies involv$ 9 inve/igations describ$ 9 section #ajb7;b7 ( ! ,nor? ,korea ,sanctions & ,policy ,enhancem5t ,act ( #bjaf 7#bb ,u4,s4,c4 #ibab74 7c7 ,au?orization ( appropriations ,!re is au?oriz$ to be appropriat$ = ea* ( fiscal ye>s #bjah ?r\gh #bjba su* sums z may be necess>y to c>ry out ?is section4 #ajf4 ,report on use by ! ,gov]nm5t ( ,nor? ,korea ( b5eficial own]%ip rules to access ! int]national f9ancial sy/em 7a7 ,9 g5]al ,n lat] ?an ,novemb] #aa1 #bjah1 ! ,director ( ! ,f9ancial ,crimes ,en=cem5t ,network ( ! ,dep>tm5t ( ! ,treasury %all submit to ! appropriate congressional committees & publi% 9 ! ,f$]al ,regi/] a report sett+ =? ! f9d+s ( ! ,director reg>d+ h[ ! ,gov]nm5t ( ,nor? ,korea is us+ laws reg>d+ b5eficial own]%ip ( prop]ty to access ! int]national f9ancial sy/em4 7b7 ,elem5ts ,! ,director %all include 9 ! report requir$ "u subsection 7a7 proposals = su* legislative & adm9i/rative action z ! ,director consid]s appropriate4 #ajg4 ,s5se ( ,congress on id5tification & block+ ( prop]ty ( ,nor? ,korean (ficials 7a7 ,9 g5]al ,x is ! s5se ( ,congress t ! ,presid5t %\ld collaborate ) ! ,/ol5 ,asset ,recov]y ,initiative ( ! ,_w ,bank ,gr\p & ! ,unit$ ,nations ,(fice on ,drugs & ,crime to prioritize ! id5tification1 block+1 & release = humanit>ian purposes (-- 7#a7 any prop]ty own$ or controll$ by a ,nor? ,korean (ficial2 or 7#b7 any significant proce$s ( kleptocracy by ! ,gov]nm5t ( ,nor? ,korea or a ,nor? ,korean (ficial4 7b7 ,nor? ,korean (ficial def9$ ,9 ?is section1 ! t]m ,nor? ,korean (ficial includes-- 7#a7 ! individuals describ$ 9 section #cjd7;a77#b77;,b7 ( ! ,nor? ,korea ,sanctions & ,policy ,enhancem5t ,act ( #bjaf 7#bb ,u4,s4,c4 #ibdc7;a77#b77;,b772 & 7#b7 su* additional (ficials z ! ,presid5t may det]m9e to be (ficials ( ! ,gov]nm5t ( ,nor? ,korea4 #ajh4 ,s5se ( ,congress reg>d+ ! ,kaesong ,indu/rial ,complex 7a7 ,f9d+s ,congress f9ds ! foll[+3 7#a7 ,on ,octob] #ad1 #bjjf1 ! ,unit$ ,nations ,security ,c\ncil adopt$ ,resolution #agah1 p>agraph #h7;d7 ( :i* requires memb] /ates ( ! ,unit$ ,nations to ensure t p]sons "u _! jurisdiction prev5t any funds1 f9ancial assets1 & economic res\rces f be+ us$ by p]sons or entities engag$ 9 or prov+ support = ! nucle>1 *emical1 or biological weapons programs ( ,nor? ,korea or ! balli/ic missile programs ( ,nor? ,korea4 7#b7 ,on ,april #aa1 #bjaa1 ! ,presid5t sign$ ,executive ,ord] #acegj 7#ej ,u4,s4,c4 #agja note2 relat+ to prohibit+ c]ta9 transactions ) respect to ,nor? ,korea71 :i* prohibits ! importation into ! ,unit$ ,/ates1 directly or indirectly1 ( any goods1 s]vices1 or te*nology f ,nor? ,korea1 except z provid$ 9 /atute or 9 lic5ses1 regulations1 ord]s1 or directives t may be issu$ pursuant to t ,executive ord]4 7#c7 ,9 ,april #bjac1 ! ,"u ,secret>y ( ! ,treasury = ,t]rorism & ,f9ancial ,intellig5ce said1 9 ref]5ce to ! ,kaesong ,indu/rial ,complex1 ,precisely :at ,nor? ,koreans d ) e>n+s f ,kaesong1 ,i ?9k1 is some?+ t we are conc]n$ ab\t44 7#d7 ,9 ,febru>y #bjaf1 on ann\nc+ ! susp5sion ( op]ations at ! ,kaesong ,indu/rial ,complex1 ! ,unification ,m9i/ry ( ! ,republic ( ,korea /at$ t ! ,gov]nm5t ( ,nor? ,korea may h us$ ! proce$s f ! ,kaesong ,indu/rial ,complex to f9ance its nucle> weapons program4 7#e7 ,on ,novemb] #cj1 #bjaf1 ! ,unit$ ,/ates ,security ,c\ncil approv$ ,resolution #bcba1 p>agraph #cb ( :i* requires memb] /ates ( ! ,unit$ ,nations to prohibit public & private f9ancial support = trade ) ,nor? ,korea f )9 _! t]ritories or by p]sons subject to _! jurisdiction1 includ+ ! grant+ ( export cr$its1 gu>antees1 or insurance to p]sons involv$ 9 su* trade1 except z approv$ 9 advance by a committee appo9t$ by ! ,security ,c\ncil on a case-by-case basis4 7b7 ,s5se ( ,congress ,x is ! s5se ( ,congress t-- 7#a7 ! ,unit$ ,/ates /&s 9 solid>ity ) its ally 9 ! ,republic ( ,korea1 & has express$ t solid>ity ) ! sacrifice ( #cf1iad p ( ! ,unit$ ,/ates & ) ! cont9u$ pres5ce ( #bi1ejj memb]s ( ! ,arm$ ,=ces ( ! ,unit$ ,/ates 9 ! ,republic ( ,korea2 7#b7 ! nucle> weapons program ( ,nor? ,korea poses a grave & imm95t ?reat to ! fre$om & security ( bo? ! ,unit$ ,/ates & ! ,republic ( ,korea2 7#c7 ! ,kaesong ,indu/rial ,complex yield$ few1 if any1 app>5t b5efits ) reg>d to ! re=m1 lib]alization1 or dis>mam5t ( ,nor? ,korea2 7#d7 ! unconditional provision ( rev5ue f ! ,kaesong ,indu/rial ,complex to ! ,gov]nm5t ( ,nor? ,korea und]m9es ! f9ancial pressure necess>y to /rict & effective en=cem5t ( ,unit$ ,nations ,security ,c\ncil sanctions2 7#e7 ! /rict & effective en=cem5t ( ,unit$ ,nations ,security ,c\ncil sanctions is ! la/ plausible option to a*ieve ! complete1 v]ifiable1 irrev]sible1 & peaceful nucle> dis>mam5t ( ,nor? ,korea2 & 7#f7 ! ,kaesong ,indu/rial ,complex %\ld n be reop5$ until ! ,gov]nm5t ( ,nor? ,korea has completely1 v]ifiably1 & irrev]sibly dismantl$ all ( its nucle>1 *emical1 biological1 & radiological weapons programs1 includ+ all programs = ! developm5t ( sy/ems design$ 9 :ole or 9 "p = ! deliv]y ( su* weapons4 ,,ii ,dive/m5t f ,nor? ,korea #bja4 ,au?ority ( ,/ate & local gov]nm5ts to dive/ f companies t inve/ 9 ,nor? ,korea 7a7 ,s5se ( ,congress ,x is ! s5se ( ,congress t ! ,unit$ ,/ates %\ld support ! decision ( any ,/ate or local gov]nm5t1 = moral1 prud5tial1 or reputational reasons1 to dive/ f1 or prohibit ! inve/m5t ( assets ( ! ,/ate or local gov]nm5t 91 a p]son t engages 9 inve/m5t activities involv+ ,nor? ,korean cov]$ prop]ty if ,nor? ,korea is subject to economic sanctions impos$ by ! ,unit$ ,/ates or ! ,unit$ ,nations ,security ,c\ncil4 7b7 ,au?ority ,to ,dive/ ,not)/&+ any o!r provision ( law1 a ,/ate or local gov]nm5t may adopt & en=ce measures t meet ! requirem5ts ( subsection 7c7 to dive/ ! assets ( ! ,/ate or local gov]nm5t f1 or prohibit inve/m5t ( ! assets ( ! ,/ate or local gov]nm5t 91 any p]son t ! ,/ate or local gov]nm5t det]m9es1 us+ cr$ible in=mation available to ! public1 engages 9 inve/m5t activities involv+ ,nor? ,korean cov]$ prop]ty ( a value ( m ?an #aj1jjj4 7c7 ,requirem5ts ,any measure tak5 by a ,/ate or local gov]nm5t "u subsection 7b7 %all meet ! foll[+ requirem5ts3 7#a7 ,notice ,! ,/ate or local gov]nm5t %all provide writt5 notice to ea* p]son ) respect to :i* a measure "u ?is section is to be appli$4 7#b7 ,tim+ ,! measure appli$ "u ?is section %all apply to a p]son n e>li] ?an ! date t is #ij days aft] ! date on :i* writt5 notice "u p>agraph 7#a7 is provid$ to ! p]son4 7#c7 ,opportunity to demon/rate compliance 7,a7 ,9 g5]al ,! ,/ate or local gov]nm5t %all provide to ea* p]son ) respect to :i* a measure is to be appli$ "u ?is section an opportunity to demon/rate to ! ,/ate or local gov]nm5t t ! p]son does n engage 9 inve/m5t activities 9 ,nor? ,korean cov]$ prop]ty4 7,b7 ,nonapplication ,if a p]son ) respect to :i* a measure is to be appli$ "u ?is section demon/rates to ! ,/ate or local gov]nm5t "u subp>agraph 7,a7 t ! p]son does n engage 9 inve/m5t activities 9 ,nor? ,korean cov]$ prop]ty1 ! measure %all n apply to t p]son4 7#d7 ,s5se ( ,congress on avoid+ errone\s t>get+ ,x is ! s5se ( ,congress t a ,/ate or local gov]nm5t %\ld n adopt a measure "u subsection 7b7 ) respect to a p]son unless ! ,/ate or local gov]nm5t has-- 7,a7 made e ef=t to avoid errone\sly t>get+ ! p]son2 & 7,b7 v]ifi$ t ! p]son engages 9 inve/m5t activities 9 ,nor? ,korean cov]$ prop]ty4 7d7 ,notice to ,dep>tm5t ( ,ju/ice ,n lat] ?an #cj days aft] a ,/ate or local gov]nm5t applies a measure "u ?is section1 ! ,/ate or local gov]nm5t %all notify ! ,attorney ,g5]al ( t measure4 7e7 ,au?orization = prior appli$ measures 7#a7 ,9 g5]al ,not)/&+ any o!r provision ( ?is section or any o!r provision ( law1 a ,/ate or local gov]nm5t may en=ce a measure 7)\t reg>d to ! requirem5ts ( subsection 7c71 except z provid$ 9 p>agraph 7#b77 appli$ by ! ,/ate or local gov]nm5t be=e ! date ( ! enactm5t ( ?is ,act t provides = ! dive/m5t ( assets ( ! ,/ate or local gov]nm5t f1 or prohibits ! inve/m5t ( ! assets ( ! ,/ate or local gov]nm5t 91 any p]son t ! ,/ate or local gov]nm5t det]m9es1 us+ cr$ible in=mation available to ! public1 engages 9 inve/m5t activities 9 ,nor? ,korean cov]$ prop]ty t are id5tifi$ 9 t measure4 7#b7 ,application ( notice requirem5ts ,a measure describ$ 9 p>agraph 7#a7 %all be subject to ! requirem5ts ( p>agraphs 7#a71 7#b71 & 7#c77;,a7 ( subsection 7c7 on & aft] ! date t is two ye>s aft] ! date ( ! enactm5t ( ?is ,act4 7f7 ,no preemption ,a measure appli$ by a ,/ate or local gov]nm5t au?oriz$ "u subsection 7b7 or 7e7 is n preempt$ by any ,f$]al law4 7g7 ,def9itions ,9 ?is section3 7#a7 ,asset 7,a7 ,9 g5]al ,except z provid$ 9 subp>agraph 7,b71 ! t]m asset means public monies1 & includes any p5sion1 retirem5t1 annuity1 end[m5t fund1 or simil> in/rum5t1 t is controll$ by a ,/ate or local gov]nm5t4 7,b7 ,exception ,! t]m asset does n include employee b5efit plans cov]$ by title ,i ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #ajja et seq474 7#b7 ,inve/m5t ,! t]m inve/m5t includes-- 7,a7 a commitm5t or contribution ( funds or prop]ty2 7,b7 a loan or o!r ext5sion ( cr$it2 & 7,c7 ! entry into or r5ewal ( a contract = goods or s]vices4 7h7 ,effective date 7#a7 ,9 g5]al ,except z provid$ 9 p>agraph 7#b7 & subsection 7e71 ?is section applies to measures appli$ by a ,/ate or local gov]nm5t be=e1 on1 or aft] ! date ( ! enactm5t ( ?is ,act4 7#b7 ,notice requirem5ts ,except z provid$ 9 subsection 7h71 subsections 7c7 & 7d7 apply to measures appli$ by a ,/ate or local gov]nm5t on or aft] ! date ( ! enactm5t ( ?is ,act4 #bjb4 ,safe h>bor = *anges ( inve/m5t policies by asset manag]s 7a7 ,9 g5]al ,section #ac7;c77#a7 ( ! ,inve/m5t ,company ,act ( #aidj 7#ae ,u4,s4,c4 #hj;a-#ac7;c77#a77 is am5d$-- 7#a7 9 subp>agraph 7,a7 by /rik+ or at ! end2 7#b7 9 subp>agraph 7,b7 by /rik+ ! p]iod & ins]t+ 2 or2 & 7#c7 by add+ at ! end ! foll[+3 7,c7 engage 9 inve/m5t activities involv+ ,nor? ,korean cov]$ prop]ty1 z def9$ 9 section #c ( ! ,bank+ ,re/rictions ,involv+ ,nor? ,korea 7,,br9k7 ,act ( #bjag4 4 7b7 ,securities & ,ex*ange ,commission regulations ,n lat] ?an #abj days aft] ! date ( ! enactm5t ( ?is ,act1 ! ,securities & ,ex*ange ,commission %all issue any revisions ! ,securities & ,ex*ange ,commission det]m9es to be necess>y to ! regulations requir+ disclosure by ea* regi/]$ inve/m5t company t dive/s itself ( securities 9 accordance ) section #ac7;c7 ( ! ,inve/m5t ,company ,act ( #aidj 7#ae ,u4,s4,c4 #hj;a-#ac7;c771 includ+ 9 accordance ) p>agraph 7#a77;,c7 ( t section1 z add$ by subsection 7a77#c74 #bjc4 ,s5se ( ,congress reg>d+ c]ta9 ,,erisa plan inve/m5ts ,x is ! s5se ( ,congress t-- 7#a7 a fiduci>y ( an employee b5efit plan1 z def9$ 9 section #c7c7 ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #ajjb7c771 may dive/ plan assets f1 or avoid inve/+ plan assets 91 any p]son ! fiduci>y det]m9es engages 9 inve/m5t activities involv+ ,nor? ,korean cov]$ prop]ty1 if-- 7,a7 ! fiduci>y makes t det]m9ation us+ cr$ible in=mation t is available to ! public2 & 7,b7 ! fiduci>y prud5tly det]m9es t ! result ( t dive/m5t or avoidance ( inve/m5t w\ld n be expect$ to provide ! employee b5efit plan )-- 7i7 a l[] rate ( return ?an alt]native inve/m5ts ) comm5surate degrees ( risk2 or 7ii7 a high] degree ( risk ?an alt]native inve/m5ts ) comm5surate rates ( return2 & 7#b7 by dive/+ assets or avoid+ ! inve/m5t ( assets z describ$ 9 p>agraph 7#a71 ! fiduci>y is n brea*+ ! responsibilities1 obligations1 or duties impos$ ^u ! fiduci>y by subp>agraph 7,a7 or 7,b7 ( section #djd7;a77#a7 ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #aajd7;a77#a774 #bjd4 ,rule ( con/ruction ,no?+ 9 ?is ,act or any o!r provision ( law au?oriz+ sanctions ) respect to ,nor? ,korea %all be con/ru$ to affect or displace-- 7#a7 ! au?ority ( a ,/ate or local gov]nm5t to issue & en=ce rules gov]n+ ! safety1 s\ndness1 & solv5cy ( a f9ancial in/itution subject to its jurisdiction2 or 7#b7 ! regulation & taxation by ! sev]al ,/ates ( ! bus9ess ( insurance1 pursuant to ! ,act ( ,m>* #i1 #aide 7#ei ,/at4 #cd1 *apt] #bj2 #ae ,u4,s4,c4 #ajaa et seq47 7commonly kn[n z ! ,mc,carran-,f]guson ,act74 ,,iii ,g5]al au?orities #cja4 ,rulemak+ ,! ,presid5t may prescribe su* rules & regulations z may be necess>y to c>ry out ?is ,act4 #cjb4 ,au?ority to consolidate reports 7a7 ,9 g5]al ,any & all reports requir$ to be submitt$ to ! appropriate congressional committees "u ?is ,act t are subject to a deadl9e = submission consi/+ ( ! same unit ( "t may be consolidat$ into a s+le report t is submitt$ pursuant to t deadl9e4 7b7 ,cont5ts ,any reports consolidat$ "u subsection 7a7 %all conta9 all in=mation requir$ "u ?is ,act & any o!r elem5ts t may be requir$ by exi/+ law4 #cjc4 ,rule ( con/ruction ,no?+ 9 ?is ,act %all be con/ru$ to limit ! au?ority or obligation ( ! ,presid5t-- 7#a7 to apply ! sanctions describ$ 9 section #ajd ( ! ,nor? ,korea ,sanctions & ,policy ,enhancem5t ,act ( #bjaf 7#bb ,u4,s4,c4 #ibad7 ) reg>d to p]sons t meet ! crit]ia = designation "u su* section2 or 7#b7 to ex]cise any o!r law en=cem5t au?orities available to ! ,presid5t4