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22 U.S.C. § 9221c — Prohibition on transactions with certain

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22 U.S.C. § 9221c — Prohibition on transactions with certain

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Page 2202 TITLE 22—FOREIGN RELATIONS AND INTERCOURSE § 9221c (b) Sanctions described The sanctions that may be imposed with re- spect to a foreign financial institution subject to subsection (a) are the following: (1) Asset blocking The Secretary may block and prohibit, pur- suant to the International Emergency Eco- nomic Powers Act (50 U.S.C. 1701 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 maintain- ing in the United States of a correspondent ac- count or a payable-through account by the for- eign financial institution. (c) Implementation; penalties (1) Implementation The President may exercise all authorities provided under sections 203 and 205 of the International Emergency Economic Powers Act (50 U.S.C. 1702 and 1704) to carry out this section. (2) Penalties A 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 sub- sections (b) and (c) of section 206 of the Inter- national Emergency Economic Powers Act (50 U.S.C. 1705) to the same extent as a person that commits an unlawful act described in subsection (a) of that section. (d) Regulations Not later than 120 days after December 20, 2019, the President shall, as appropriate, pre- scribe regulations to carry out this section. (e) Exception relating to importation of goods (1) In general Notwithstanding section 9254(b) of this title or any provision of this section, the authori- ties and requirements to impose sanctions under this section shall not include the au- thority 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, in- cluding inspection and test equipment, and ex- cluding technical data. (f) Definitions In this section: (1) Account; correspondent account; payable- through account The terms ‘‘account’’, ‘‘correspondent ac- count’’, and ‘‘payable-through account’’ have the meanings given those terms in section 5318A of title 31. (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 con- duct, 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, as added Pub. L. 116–92, div. F, title LXXI, § 7121(a), Dec. 20, 2019, 133 Stat. 2245.) Editorial Notes REFERENCES IN TEXT The International Emergency Economic Powers Act, referred to in subsec. (b)(1), 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 Na- tional Defense. For complete classification of this Act to the Code, see Short Title note set out under section 1701 of Title 50 and Tables. Executive Documents DELEGATION OF FUNCTIONS Functions and authorities under section 7121 of Pub. L. 116–92 with respect to this section delegated to Sec- retary of the Treasury, in consultation with the Sec- retary of State, by section 1(b)(iii) of Memorandum of President of the United States, Feb. 21, 2020, 85 F.R. 13717, set out as a note under section 286yy of this title. § 9221c. Prohibition on transactions with certain sanctioned persons by persons owned or con- trolled by United States financial institutions (a) In general Not later than 180 days after December 20, 2019, the Secretary of the Treasury, in consulta- tion 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 de- scribed in subsection (b) directly or indirectly with the Government of North Korea or any per- son designated for the imposition of sanctions with respect to North Korea under— (1) subsection (a), (b), or (g) of section 9214 of this title; (2) an applicable Executive order; or (3) an applicable United Nations Security Council resolution. (b) Transactions described A transaction described in this subsection is a transaction that would be prohibited by an order or regulation issued pursuant to the Inter- national Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) if the transaction were en- gaged in in the United States or by a United States person. (c) Civil penalties The civil penalty provided for in section 206(b) of the International Emergency Economic Pow- ers Act (50 U.S.C. 1705(b)) shall apply to a United States financial institution to the same extent Page 2203 TITLE 22—FOREIGN RELATIONS AND INTERCOURSE § 9222 that such penalty applies to a person that com- mits an unlawful act described in section 206(a) of that Act if an entity owned or controlled by the United States financial institution and es- tablished 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). (d) United States financial institution defined In this section, the term ‘‘United States finan- cial 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 rul- ing). (Pub. L. 114–122, title II, § 201C, as added Pub. L. 116–92, div. F, title LXXI, § 7121(a), Dec. 20, 2019, 133 Stat. 2246.) Editorial Notes REFERENCES IN TEXT The 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 Na- tional Defense. For complete classification of this Act to the Code, see Short Title note set out under section 1701 of Title 50 and Tables. § 9222. Ensuring the consistent enforcement of United Nations Security Council resolutions and financial restrictions on North Korea (a) Findings Congress makes the following findings: (1) All member states of the United Nations are obligated to implement and enforce appli- cable United Nations Security Council resolu- tions fully and promptly, including by block- ing the property of, and ensuring that any property is prevented from being made avail- able to, persons designated for the blocking of property by the Security Council under appli- cable United Nations Security Council resolu- tions. (2) As of May 2015, 158 of the 193 member states of the United Nations had not sub- mitted reports on measures taken to imple- ment North Korea-specific United Nations Se- curity Council resolutions 1718, 1874, and 2094. (3) A recent report by the Government Ac- countability Office (GAO–15–485)— (A) finds that officials of the United States and representatives of the United Nations Panel of Experts established pursuant to United Nations Security Council Resolution 1874 (2009), which monitors and facilitates implementation of United Nations sanctions on North Korea, ‘‘agree that the lack of de- tailed reports from all member states is an impediment to the UN’s effective implemen- tation of its sanctions’’; and (B) notes that ‘‘many member states lack the technical capacity to enforce sanctions and prepare reports’’ on the implementation of United Nations sanctions on North Korea. (4) All member states share a common inter- est in protecting the international financial system from the risks of money laundering and illicit transactions emanating from North Korea. (5) The United States dollar and the euro are the world’s principal reserve currencies, and the United States and the European Union are primarily responsible for the protection of the international financial system from the risks described in paragraph (4). (6) The cooperation of the People’s Republic of China, as North Korea’s principal trading partner, is essential to— (A) the enforcement of applicable United Nations Security Council resolutions; and (B) the protection of the international fi- nancial system. (7) The report of the Panel of Experts ex- pressed concern about the ability of banks to detect and prevent illicit transfers involving North Korea if such banks are located in mem- ber states with less effective regulators or member states that are unable to afford effec- tive compliance. (8) North Korea has historically exploited in- consistencies between jurisdictions in the in- terpretation and enforcement of financial reg- ulations and applicable United Nations Secu- rity Council resolutions to circumvent sanc- tions and launder the proceeds of illicit activi- ties. (9) Amroggang Development Bank, Bank of East Land, and Tanchon Commercial Bank have been designated by the Secretary of the Treasury, the United Nations Security Coun- cil, and the European Union as having materi- ally contributed to the proliferation of weap- ons of mass destruction. (10) Korea Daesong Bank and Korea Kwangson Banking Corporation have been des- ignated by the Secretary of the Treasury and the European Union as having materially con- tributed to the proliferation of weapons of mass destruction. (11) The Foreign Trade Bank of North Korea has been designated by the Secretary of the Treasury for facilitating transactions on be- half of persons linked to its proliferation net- work and for serving as ‘‘a key financial node’’. (12) Daedong Credit Bank has been des- ignated by the Secretary of the Treasury for activities prohibited by applicable United Na- tions Security Council resolutions, including the use of deceptive financial practices to fa- cilitate transactions on behalf of persons linked to North Korea’s proliferation network. (b) Sense of Congress It is the sense of Congress that the President should intensify diplomatic efforts in appro- priate international fora, such as the United Na- tions, and bilaterally, to develop and implement a coordinated, consistent, multilateral strategy for protecting the global financial system against risks emanating from North Korea, in- cluding— (1) the cessation of any financial services the continuation of which is inconsistent with ap- plicable United Nations Security Council reso- lutions; (2) the cessation of any financial services to persons, including financial institutions, that present unacceptable risks of facilitating money laundering and illicit activity by the Government of North Korea;

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Federal law — U.S. Code and appendices · legal_authorities

22 U.S.C. § 9221c — Determinations with respect to North Korea as a jurisdiction of primary money laundering concern

**(a) Findings** Congress makes the following findings: (1) The Under Secretary of the Treasury for Terrorism and Financial Intelligence, who is responsible for safeguarding the financial system against illicit use, money laundering, terrorist financing, and the proliferation of weapons of mass destruction, and has repeatedly expressed concern about North Korea’s misuse of the international financial system— (A) in 2006— (i) stated, “Given [North Korea’s] counterfeiting of U.S. currency, narcotics trafficking and use of accounts world-wide to conduct proliferation-related transactions, the line between illicit and licit North Korean money is nearly invisible.”; and (ii) urged financial institutions worldwide to “think carefully about the risks of doing any North Korea-related business”; (B) in 2011, stated that North Korea— (i) “remains intent on engaging in proliferation, selling arms as well as bringing in material”; and (ii) was “aggressively pursuing the effort to establish front companies.”; and (C) in 2013, stated— (i) in reference to North Korea’s distribution of high-quality counterfeit United States currency, that “North Korea is continuing to try to pass a supernote into the international financial system”; and (ii) the Department of the Treasury would soon introduce new currency with improved security features to protect against counterfeiting by the Government of North Korea. (2) The Financial Action Task Force, an intergovernmental body whose purpose is to develop and promote national and international policies to combat money laundering and terrorist financing, has repeatedly— (A) expressed concern at deficiencies in North Korea’s regimes to combat money laundering and terrorist financing; (B) urged North Kore

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Federal law — U.S. Code and appendices · legal_authorities

50 U.S.C. § 1701 — Unusual and extraordinary threat; declaration of national emergency; exercise of Presidential authorities

**(a)** Any authority granted to the President by [section 1702 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title50-section1702&num=0&edition=prelim) may be exercised to deal with any unusual and extraordinary threat, which has its source in whole or substantial part outside the United States, to the national security, foreign policy, or economy of the United States, if the President declares a national emergency with respect to such threat. **(b)** The authorities granted to the President by [section 1702 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title50-section1702&num=0&edition=prelim) may only be exercised to deal with an unusual and extraordinary threat with respect to which a national emergency has been declared for purposes of this chapter and may not be exercised for any other purpose. Any exercise of such authorities to deal with any new threat shall be based on a new declaration of national emergency which must be with respect to such threat.

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Federal law — U.S. Code and appendices · legal_authorities

50 U.S.C. § 1701 — Unusual and extraordinary threat; dec-

Page 151 TITLE 50—WAR AND NATIONAL DEFENSE § 1701 CHAPTER 35—INTERNATIONAL EMERGENCY ECONOMIC POWERS Sec. 1701. Unusual and extraordinary threat; declara- tion of national emergency; exercise of Presidential authorities. 1702. Presidential authorities. 1703. Consultation and reports. 1704. Authority to issue regulations. 1705. Penalties. 1706. Savings provisions. 1707. Multinational economic embargoes against governments in armed conflict with the United States. 1708. Actions to address economic or industrial es- pionage in cyberspace. 1709. Imposition of sanctions with respect to theft of trade secrets of United States persons. 1710. Confronting asymmetric and malicious cyber activities. § 1701. Unusual and extraordinary threat; dec- laration of national emergency; exercise of Presidential authorities (a) Any authority granted to the President by section 1702 of this title may be exercised to deal with any unusual and extraordinary threat, which has its source in whole or substantial part outside the United States, to the national secu- rity, foreign policy, or economy of the United States, if the President declares a national emergency with respect to such threat. (b) The authorities granted to the President by section 1702 of this title may only be exer- cised to deal with an unusual and extraordinary threat with respect to which a national emer- gency has been declared for purposes of this chapter and may not be exercised for any other purpose. Any exercise of such authorities to deal with any new threat shall be based on a new dec- laration of national emergency which must be with respect to such threat. (Pub. L. 95–223, title II, § 202, Dec. 28, 1977, 91 Stat. 1626.) Statutory Notes and Related Subsidiaries SHORT TITLE

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Federal law — U.S. Code and appendices · legal_authorities

50 U.S.C. § 1702 — Presidential authorities

**(a) In general** (1) At the times and to the extent specified in [section 1701 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title50-section1701&num=0&edition=prelim), the President may, under such regulations as he may prescribe, by means of instructions, licenses, or otherwise— (A) investigate, regulate, or prohibit— (i) any transactions in foreign exchange, (ii) transfers of credit or payments between, by, through, or to any banking institution, to the extent that such transfers or payments involve any interest of any foreign country or a national thereof, (iii) the importing or exporting of currency or securities, by any person, or with respect to any property, subject to the jurisdiction of the United States; (B) investigate, block during the pendency of an investigation, regulate, direct and compel, nullify, void, prevent or prohibit, any acquisition, holding, withholding, use, transfer, withdrawal, transportation, importation or exportation of, or dealing in, or exercising any right, power, or privilege with respect to, or transactions involving, any property in which any foreign country or a national thereof has any interest by any person, or with respect to any property, subject to the jurisdiction of the United States; and.11 So in original. The period probably should not appear. (C) when the United States is engaged in armed hostilities or has been attacked by a foreign country or foreign nationals, confiscate any property, subject to the jurisdiction of the United States, of any foreign person, foreign organization, or foreign country that he determines has planned, authorized, aided, or engaged in such hostilities or attacks against the United States; and all right, title, and interest in any prop

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50 U.S.C. § 1702 — Presidential authorities

Page 224 TITLE 50—WAR AND NATIONAL DEFENSE § 1702 1 So in original. The period probably should not appear. Notice of President of the United States, dated June 24, 2008, 73 F.R. 36255. Notice of President of the United States, dated June 22, 2007, 72 F.R. 34981. Notice of President of the United States, dated June 22, 2006, 71 F.R. 36183. Notice of President of the United States, dated June 23, 2005, 70 F.R. 36803. Notice of President of the United States, dated June 24, 2004, 69 F.R. 36005. Notice of President of the United States, dated June 20, 2003, 68 F.R. 37389. Notice of President of the United States, dated June 21, 2002, 67 F.R. 42703. Ex. Ord. No. 13304, May 28, 2003, 68 F.R. 32315. Ex. Ord. No. 14033, June 8, 2021, 86 F.R. 31079. YEMEN Ex. Ord. No. 13611, May 16, 2012, 77 F.R. 29533. Continuations of national emergency declared by Ex. Ord. No. 13611 were contained in the following: Notice of President of the United States, dated May 14, 2024, 89 F.R. 42765. Notice of President of the United States, dated May 11, 2023, 88 F.R. 31141. Notice of President of the United States, dated May 9, 2022, 87 F.R. 29023. Notice of President of the United States, dated May 11, 2021, 86 F.R. 26341. Notice of President of the United States, dated May 7, 2020, 85 F.R. 27643. Notice of President of the United States, dated May 13, 2019, 84 F.R. 22047. Notice of President of the United States, dated May 14, 2018, 83 F.R. 22585. Notice of President of the United States, dated May 8, 2017, 82 F.R. 21905. Notice of President of the United States, dated May 12, 2016, 81 F.R. 30155. Notice of President of the United States, dated May 13, 2015, 80 F.R. 27851. Notice of President of the United States, dated May 12, 2014, 79 F.R. 27477. Notice of

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Federal law — U.S. Code and appendices · legal_authorities

50 U.S.C. § 1705 — Penalties

**(a) Unlawful acts** It shall be unlawful for a person to violate, attempt to violate, conspire to violate, or cause a violation of any license, order, regulation, or prohibition issued under this chapter. **(b) Civil penalty** A civil penalty may be imposed on any person who commits an unlawful act described in subsection (a) in an amount not to exceed the greater of— (1) $250,000; or (2) an amount that is twice the amount of the transaction that is the basis of the violation with respect to which the penalty is imposed. **(c) Criminal penalty** A person who willfully commits, willfully attempts to commit, or willfully conspires to commit, or aids or abets in the commission of, an unlawful act described in subsection (a) shall, upon conviction, be fined not more than $1,000,000, or if a natural person, may be imprisoned for not more than 20 years, or both. **(d) Statute of limitations** (1) **Time for commencing proceedings** (A) *In general* — An action, suit, or proceeding for the enforcement of any civil fine, penalty, or forfeiture, pecuniary or otherwise, under this section shall not be entertained unless commenced within 10 years after the latest date of the violation upon which the civil fine, penalty, or forfeiture is based. (B) *Commencement* — For purposes of this paragraph, the commencement of an action, suit, or proceeding includes the issuance of a pre-penalty notice or finding of violation. (2) **Time for indictment** — No person shall be prosecuted, tried, or punished for any offense under subsection (c) unless the indictment is found or the information is instituted within 10 years after the latest date of the violation upon which the indictment or information is based.

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50 U.S.C. § 1705 — Penalties

Page 227 TITLE 50—WAR AND NATIONAL DEFENSE § 1706 Editorial Notes REFERENCES IN TEXT The National Emergencies Act, referred to in subsec. (d), is Pub. L. 94–412, Sept. 14, 1976, 90 Stat. 1255. Title IV of the National Emergencies Act enacted subchapter IV (§ 1641) of chapter 34 of this title. For complete clas- sification of this Act to the Code, see Short Title note set out under section 1601 of this title and Tables. § 1704. Authority to issue regulations The President may issue such regulations, in- cluding regulations prescribing definitions, as may be necessary for the exercise of the authori- ties granted by this chapter. (Pub. L. 95–223, title II, § 205, Dec. 28, 1977, 91 Stat. 1628.) § 1705. Penalties (a) Unlawful acts It shall be unlawful for a person to violate, at- tempt to violate, conspire to violate, or cause a violation of any license, order, regulation, or prohibition issued under this chapter. (b) Civil penalty A civil penalty may be imposed on any person who commits an unlawful act described in sub- section (a) in an amount not to exceed the greater of— (1) $250,000; or (2) an amount that is twice the amount of the transaction that is the basis of the viola- tion with respect to which the penalty is im- posed. (c) Criminal penalty A person who willfully commits, willfully at- tempts to commit, or willfully conspires to com- mit, or aids or abets in the commission of, an unlawful act described in subsection (a) shall, upon conviction, be fined not more than $1,000,000, or if a natural person, may be impris- oned for not more than 20 years, or both. (d) Statute of limitations (1) Time for commencing proceedings (A) In general An action, suit, or proceeding for the en- forcement of any civil fine, penalty, or for- feiture, p

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