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Congress considers secondary sanctions against North Korea, banking partners

Joe Mont | September 20, 2017

Proposed legislation would create the “toughest financial sanctions ever directed at North Korea.” That’s the promise from members of the House Financial Services Committee’s Subcommittee on Monetary Policy and Subcommittee Considers

The legislation touted with superlatives in a subcommittee memo is the “Impeding North Korea’s Access to Finance Act of 2017.” It would greatly extend current sanctions against North Korea through “secondary sanctions,” banning foreign banks that have business relationships with the rogue nation from the U.S. financial system.

“North Korea’s sixth nuclear test on September 3, coupled with its repeated launching of intermediate and long-range ballistic missiles, underlines that more must be done to stop this rogue regime’s aggression and threats,” Subcommittee Chairman Andy Bar (R-Ky.) said. “The legislative draft we are considering lays out a choice...

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