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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 
trans-
actions, the line between illicit and licit 
North Korean money is nearly invisible.’’; 
and 
(ii) urged financial institutions world-
wide 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 bring-
ing in material’’; and 
(ii) was ‘‘aggressively pursuing the ef-
fort to establish front companies.’’; and 
(C) in 2013, stated— 
(i) in reference to North Korea’s dis-
tribution of high-quality counterfeit United
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States currency, that ‘‘North Korea is con-
tinuing 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 inter-
governmental body whose purpose is to develop and 
promote national and international policies to com-
bat money laundering and terrorist financing, has re-
peatedly— 
(A) expressed concern at deficiencies in 
North Korea’s regimes to combat money laun-
dering and terrorist financing; 
(B) urged North Korea to adopt a plan of 
action to address significant deficiencies in those 
regimes and the serious threat those deficiencies 
pose to the integrity of the international finan-
cial system; 
(C) urged all jurisdictions to apply counter-
measures to protect the international financial 
system from ongoing and substantial money
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laundering and terrorist financing risks ema-
nating from North Korea; 
(D) urged all jurisdictions to advise their 
financial institutions to give special attention to 
business relationships and transactions with 
North Korea, including North Korean companies 
and financial institutions; and 
(E) called on all jurisdictions— 
(i) to protect against correspondent re-
lationships being used to bypass or evade 
countermeasures and risk mitigation prac-
tices; and 
(ii) to take into account money laun-
dering and terrorist financing risks when 
considering requests by North Korean finan-
cial institutions to open branches and sub-
sidiaries in their respective jurisdictions. 
(3) On March 7, 2013, the United Nations Secu-
rity Council unanimously adopted Resolution 2094, 
which— 
(A) welcomed the Financial Action Task 
Force’s— 
(i) recommendation on financial sanc-
tions related to proliferation; and
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(ii) guidance on the implementation of 
such sanctions; 
(B) decided that United Nations member 
states should apply enhanced monitoring and 
other legal measures to prevent the provision of 
financial services or the transfer of property that 
could contribute to activities prohibited by appli-
cable United Nations Security Council resolu-
tions; and 
(C) called upon United Nations member 
states to prohibit North Korean financial insti-
tutions from establishing or maintaining cor-
respondent relationships with financial institu-
tions in their respective jurisdictions to prevent 
the provision of financial services if such member 
states have information that provides reasonable 
grounds to believe that such activities could con-
tribute to— 
(i) activities prohibited by an applica-
ble United Nations Security Council resolu-
tion; or 
(ii) the evasion of such prohibitions. 
(b) SENSE OF CONGRESS REGARDING THE DESIGNA-
TION OF NORTH KOREA AS A JURISDICTION OF PRIMARY 
MONEY LAUNDERING CONCERN.—Congress—
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(1) acknowledges the efforts of the United Na-
tions Security Council to impose limitations on, and 
to require the enhanced monitoring of, transactions 
involving North Korean financial institutions that 
could contribute to sanctioned activities; 
(2) urges the President, in the strongest terms— 
(A) to immediately designate North Korea 
as a jurisdiction of primary money laundering 
concern; and 
(B) to adopt stringent special measures to 
safeguard the financial system against the risks 
posed by North Korea’s willful evasion of sanc-
tions and its illicit activities; and 
(3) urges the President to seek the prompt imple-
mentation by other countries of enhanced monitoring 
and due diligence to prevent North Korea’s misuse of 
the international financial system, including by shar-
ing information about activities, transactions, and 
property that could contribute to— 
(A) activities sanctioned by applicable 
United Nations Security Council resolutions; or 
(B) the evasion of such sanctions. 
(c) DETERMINATIONS REGARDING NORTH KOREA.— 
(1) IN GENERAL.—Not later than 180 days after 
the date of the enactment of this Act, the Secretary of
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the Treasury, in consultation with the Secretary of 
State and the Attorney General, and in accordance 
with section 5318A of title 31, United States Code, 
shall determine whether reasonable grounds exist for 
concluding that North Korea is a jurisdiction of pri-
mary money laundering concern. 
(2) ENHANCED DUE DILIGENCE AND REPORTING 
REQUIREMENTS.—If the Secretary of the Treasury de-
termines under paragraph (1) that reasonable 
grounds exist for concluding that North Korea is a ju-
risdiction of primary money laundering concern, the 
Secretary, in consultation with the Federal functional 
regulators (as defined in section 509 of the Gramm- 
Leach-Bliley Act (15 U.S.C. 6809)), shall impose 1 or 
more of the special measures described in section 
5318A(b) of title 31, United States Code, with respect 
to the jurisdiction of North Korea. 
(3) REPORT REQUIRED.— 
(A) IN GENERAL.—Not later than 90 days 
after the date on which the Secretary of the 
Treasury makes a determination under para-
graph (1), the Secretary shall submit to the ap-
propriate congressional committees a report that 
contains the reasons for such determination.