22 U.S.C. § 9221b | Sanctions with respect to foreign financial institutions that provide financial services to certain sanctioned persons

(a)

In general

December 20, 2019The Secretary of the Treasury shall impose one or more of the sanctions described in subsection (b) with respect to a foreign financial institution that the Secretary determines, in consultation with the Secretary of State, knowingly, on or after the date that is 120 days after , provides significant financial services to any person designated for the imposition of sanctions with respect to North Korea under—

(1)

section 9214 of this title subsection (a), (b), or (g) of ;

(2)

an applicable Executive order; or

(3)

an applicable United Nations Security Council resolution.

(b)

Sanctions described

The sanctions that may be imposed with respect to a foreign financial institution subject to subsection (a) are the following:

(1)

Asset blocking

50 U.S.C. 1701The Secretary may block and prohibit, pursuant to the International Emergency Economic Powers Act ( et seq.), all transactions in all property and interests in property of the foreign financial institution if such property and interests in property are in the United States, come within the United States, or are or come within the possession or control of a United States person.

(2)

Restrictions on correspondent and payable-through accounts

The Secretary may prohibit, or impose strict conditions on, the opening or maintaining in the United States of a correspondent account or a payable-through account by the foreign financial institution.

(c)

Implementation; penalties

(1)

Implementation

50 U.S.C. 1702The President may exercise all authorities provided under sections 203 and 205 of the International Emergency Economic Powers Act ( and 1704) to carry out this section.

(2)

Penalties

50 U.S.C. 1705A person that violates, attempts to violate, conspires to violate, or causes a violation of this section or any regulation, license, or order issued to carry out this section shall be subject to the penalties set forth in subsections (b) and (c) of section 206 of the International Emergency Economic Powers Act () to the same extent as a person that commits an unlawful act described in subsection (a) of that section.

(d)

Regulations

December 20, 2019Not later than 120 days after , the President shall, as appropriate, prescribe regulations to carry out this section.

(e)

Exception relating to importation of goods

(1)

In general

section 9254(b) of this titleNotwithstanding or any provision of this section, the authorities and requirements to impose sanctions under this section shall not include the authority or a requirement to impose sanctions on the importation of goods.

(2)

Good defined

In this subsection, the term “good” means any article, natural or manmade substance, material, supply or manufactured product, including inspection and test equipment, and excluding technical data.

(f)

Definitions

In this section:

(1)

Account; correspondent account; payable-through account

section 5318A of title 31The terms “account”, “correspondent account”, and “payable-through account” have the meanings given those terms in .

(2)

Foreign financial institution

The term “foreign financial institution” has the meaning given that term in section 510.309 of title 31, Code of Federal Regulations (or any corresponding similar regulation or ruling).

(3)

Knowingly

The term “knowingly”, with respect to conduct, a circumstance, or a result, means that a person has actual knowledge, or should have known, of the conduct, the circumstance, or the result.

Pub. L. 114–122, title II, § 201B Pub. L. 116–92, div. F, title LXXI, § 7121(a)Dec. 20, 2019133 Stat. 2245 (, as added , , .)

Editorial Notes

References in Text

Pub. L. 95–223Dec. 28, 197791 Stat. 1626 section 1701 of Title 50The International Emergency Economic Powers Act, referred to in subsec. (b)(1), is title II of , , , 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 and Tables.

Executive Documents

Delegation of Functions

section 7121 of Pub. L. 116–92Feb. 21, 2020section 286yy of this titleFunctions and authorities under with respect to this section delegated to Secretary of the Treasury, in consultation with the Secretary of State, by section 1(b)(iii) of Memorandum of President of the United States, , 85 F.R. 13717, set out as a note under .