§9222 Ensuring the Consistent Enforcement of United Nations Security Council Resolutions and Financial Restrictions on North Korea

Summary

Require the President to have the Secretary of State create a plan to get other countries to better enforce UN Security Council sanctions on North Korea. Congress found that as of May 2015, 158 of the 193 UN members had not reported on North Korea resolutions 1718, 1874, and 2094, and a GAO report (GAO–15–485) said the lack of reports and weak technical capacity make sanctions less effective. The law notes that the U.S. dollar and the euro are the main reserve currencies, that China’s cooperation is essential, and that North Korea uses gaps between countries to evade sanctions. It lists banks that have been designated for helping proliferation or illicit financial activity: Amroggang Development Bank, Bank of East Land, Tanchon Commercial Bank (designated by the Treasury, the UN, and the EU); Korea Daesong Bank and Korea Kwangson Banking Corporation (designated by the Treasury and the EU); the Foreign Trade Bank (designated by the Treasury); and Daedong Credit Bank (designated by the Treasury). Congress also says the President should push for a coordinated approach to stop financial services that violate UN resolutions or help North Korea launder money; to block property required by UN rules using each country’s legal process; and to block property tied to theft of public funds, major cyber theft or theft of U.S. intellectual property, censorship, or human rights abuses. The required strategy must increase the number of countries reporting to the UN Panel of Experts, promote information sharing and cooperation with that Panel, offer technical help for export controls, border security, and customs, use U.S. assistance programs when useful, and increase outreach to the people of North Korea and support independent NGOs there. The Secretary of State must report to Congress not later than 90 days after February 18, 2016, and annually after that, describing what was done.