22 USC 9221b - Sanctions with respect to foreign financial institutions that provide financial services to certain sanctioned persons

U.S Code last checked for updates: May 06, 2024

§ 9221b.

Sanctions with respect to foreign financial institutions that provide financial services to certain sanctioned persons

(a)

In general

The 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 December 20, 2019, provides significant financial services to any person 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)

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

(2)

Restrictions on correspondent and payable-through accounts

(c)

Implementation; penalties

(1)

Implementation

(2)

Penalties

(d)

Regulations

(e)

Exception relating to importation of goods

(1)

In general

(2)

Good defined

(f)

Definitions

In this section:

(1)

Account; correspondent account; payable-through account

(2)

Foreign financial institution

(3)

Knowingly

(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.)

cite as: 22 USC 9221b