‘‘SEC. 73. OPPOSITION TO ASSISTANCE FOR ANY GOVERN-
MENT THAT FAILS TO IMPLEMENT SANC-
TIONS ON NORTH KOREA. 
‘‘(a) IN GENERAL.—The Secretary of the Treasury 
shall instruct the United States Executive Director at the 
international financial institutions (as defined under sec-
tion 1701(c) of the International Financial Institutions 
Act) to use the voice and vote of the United States to 
oppose the provision of financial assistance to a foreign 
government, other than assistance to support basic human 
needs, if the President determines that, in the year pre-
ceding consideration of approval of such assistance, the 
government has knowingly failed to prevent the provision 
of financial services to, or freeze the funds, financial as-
sets, and economic resources of, a person described under 
subparagraphs (A) through (E) of section 8(2) of the Otto 
Warmbier North Korea Nuclear Sanctions Act of 2019. 
‘‘(b) WAIVER.—The President may waive subsection 
(a) for up to 180 days at a time with respect to a foreign 
government if the President reports to Congress that— 
‘‘(1) the foreign government’s failure described 
under (a) is due exclusively to a lack of foreign gov-
ernment capacity; 
‘‘(2) the foreign government is taking effective 
steps to prevent recurrence of such failure; or 
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‘‘(3) such waiver is vital to the national security 
interests of the United States.’’. 
(b) EXPORT-IMPORT BANK.—Section 2(b) of the Ex-
port-Import Bank Act of 1945 (12 U.S.C. 635(b)) is 
amended by adding at the end the following: 
‘‘(14) PROHIBITION
ON
SUPPORT
INVOLVING 
PERSONS
CONNECTED
WITH
NORTH
KOREA.—The 
Bank may not guarantee, insure, or extend credit, or 
participate in the extension of credit in connection 
with the export of a good or service to a covered per-
son (as defined under section 8 of the Otto 
Warmbier North Korea Nuclear Sanctions Act of 
2019).’’. 
SEC. 5. TREASURY REPORTS ON COMPLIANCE, PENALTIES, 
AND TECHNICAL ASSISTANCE. 
(a) SEMIANNUAL REPORT.— 
(1) IN GENERAL.—Not later than 120 days fol-
lowing the date of the enactment of this Act, and 
every 180 days thereafter, the Secretary of the 
Treasury shall submit a report to the Committee on 
Financial Services of the House of Representatives 
and the Committee on Banking, Housing, and 
Urban Affairs of the Senate that includes— 
(A) a list of financial institutions that, in 
the period since the preceding report, knowingly 
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facilitated a significant transaction or trans-
actions or provided significant financial services 
for a covered person; 
(B) a list of any penalties imposed under 
section 3 in the period since the preceding re-
port; and 
(C) a description of efforts by the Depart-
ment of the Treasury in the period since the 
preceding report, through consultations, tech-
nical assistance, or other appropriate activities, 
to strengthen the capacity of financial institu-
tions and foreign governments to prevent the 
provision of financial services benefitting any 
covered person. 
(2) FORM OF REPORT; PUBLIC AVAILABILITY.— 
(A) FORM.—The report required under 
paragraph (1) shall be submitted in unclassified 
form but may contain a classified annex. 
(B) PUBLIC AVAILABILITY.—The unclassi-
fied portion of such report shall be made avail-
able to the public and posted on the website of 
the Department of the Treasury. 
(3) SUNSET.—The report requirement under 
this subsection shall terminate after the end of the 
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5-year period beginning on the date of enactment of 
this Act. 
(b) TESTIMONY REQUIRED.—Upon request of the 
Committee on Financial Services of the House of Rep-
resentatives or the Committee on Banking, Housing, and 
Urban Affairs of the Senate, the Under Secretary of the 
Treasury for Terrorism and Financial Intelligence shall 
testify to explain the effects of this Act, and the amend-
ments made by this Act, on North Korea’s access to illicit 
finance channels. 
(c) INTERNATIONAL MONETARY FUND.—Title XVI 
of the International Financial Institutions Act (22 U.S.C. 
262p et seq.) is amended by adding at the end the fol-
lowing: 
‘‘SEC. 1629. SUPPORT FOR CAPACITY OF THE INTER-
NATIONAL MONETARY FUND TO PREVENT 
MONEY LAUNDERING AND FINANCING OF 
TERRORISM. 
‘‘The Secretary of the Treasury shall instruct the 
United States Executive Director at the International 
Monetary Fund to support the increased use of the admin-
istrative budget of the Fund for technical assistance that 
strengthens the capacity of Fund members to prevent 
money laundering and the financing of terrorism.’’. 
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(d) NATIONAL ADVISORY COUNCIL REPORT TO CON-
GRESS.—The Chairman of the National Advisory Council 
on International Monetary and Financial Policies shall in-
clude in the report required by section 1701 of the Inter-
national Financial Institutions Act (22 U.S.C. 262r) a de-
scription of— 
(1) the activities of the International Monetary 
Fund in the most recently completed fiscal year to 
provide technical assistance that strengthens the ca-
pacity of Fund members to prevent money laun-
dering and the financing of terrorism, and the effec-
tiveness of the assistance; and 
(2) the efficacy of efforts by the United States 
to support such technical assistance through the use 
of the Fund’s administrative budget, and the level of 
such support. 
(e) SUNSET.—Effective on the date that is the end 
of the 4-year period beginning on the date of enactment 
of this Act, section 1629 of the International Financial 
Institutions Act, as added by subsection (c), is repealed. 
SEC. 6. SUSPENSION AND TERMINATION OF PROHIBITIONS 
AND PENALTIES. 
(a) SUSPENSION.—Except for any provision of sec-
tion 7, the President may suspend, on a case-by-case 
basis, the application of any provision of this subtitle, or 
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provision in an amendment made by this subtitle, with re-
spect to an entity, individual, or transaction, for a period 
of not more than 180 days at a time if the President cer-
tifies to Congress that— 
(1) the Government of North Korea has— 
(A) committed to the verifiable suspension 
of North Korea’s proliferation and testing of 
WMD, including systems designed in whole or 
in part for the delivery of such weapons; and 
(B) has agreed to multilateral talks includ-
ing the Government of the United States, with 
the goal of permanently and verifiably limiting 
North Korea’s WMD and ballistic missile pro-
grams; or 
(2) such suspension is vital to the national se-
curity interests of the United States, with an expla-
nation of the reasons therefor. 
(b) TERMINATION.— 
(1) IN GENERAL.—On the date that is 30 days 
after the date on which the President makes the cer-
tification described under paragraph (2)— 
(A) subsection (a), section 3, and sub-
sections (a) and (b) of section 5 shall cease to 
have any force or effect; 
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(B) section 73 of the Bretton Woods 
Agreements Act, as added by section 4(a), shall 
be repealed; and 
(C) section 2(b)(14) of the Export-Import 
Bank Act of 1945, as added by section 4(b), 
shall be repealed. 
(2) 
CERTIFICATION.—The 
certification 
de-
scribed under this paragraph is a certification by the 
President to the Congress that— 
(A) the Government of North Korea— 
(i) has ceased to pose a significant 
threat to national security, with an expla-
nation of the reasons therefor; or 
(ii) is committed to, and is taking ef-
fective steps to achieving, the goal of per-
manently and verifiably limiting North Ko-
rea’s WMD and ballistic missile programs; 
or 
(B) such termination is vital to the na-
tional security interests of the United States, 
with an explanation of the reasons therefor. 
SEC. 
7. 
EXCEPTION 
RELATING 
TO 
IMPORTATION 
OF 
GOODS. 
(a) IN GENERAL.—The authorities and requirements 
to impose sanctions authorized under this subtitle shall 
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not include the authority or requirement to impose sanc-
tions on the importation of goods. 
(b) GOOD DEFINED.—In this section, the term 
‘‘good’’ means any article, natural or man-made sub-
stance, material, supply or manufactured product, includ-
ing inspection and test equipment, and excluding technical 
data. 
SEC. 8. DEFINITIONS. 
For purposes of this subtitle: 
(1) TERMS RELATED TO NORTH KOREA.—The 
terms ‘‘applicable Executive order’’, ‘‘Government of 
North Korea’’, ‘‘North Korea’’, ‘‘North Korean per-
son’’, and ‘‘significant activities undermining cyber-
security’’ have the meanings given those terms, re-
spectively, in section 3 of the North Korea Sanctions 
and Policy Enhancement Act of 2016 (22 U.S.C. 
9202). 
(2) COVERED
PERSON.—The term ‘‘covered 
person’’ means the following: 
(A) Any North Korean person designated 
under an applicable Executive order. 
(B) Any North Korean person that know-
ingly facilitates the transfer of bulk cash or cov-
ered goods (as defined under section 1027.100 
of title 31, Code of Federal Regulations). 
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(C) Any North Korean financial institu-
tion. 
(D) Any North Korean person employed 
outside of North Korea, except that the Sec-
retary of the Treasury may waive the applica-
tion of this subparagraph for a North Korean 
person that is not otherwise a covered person 
and— 
(i) has been granted asylum or ref-
ugee status by the country of employment; 
or 
(ii) is employed as essential diplomatic 
personnel for the Government of North 
Korea. 
(E) Any person acting on behalf of, or at 
the direction of, a person described under sub-
paragraphs (A) through (D). 
(F) Any person that knowingly employs a 
person described under subparagraph (D). 
(G) Any person that knowingly facilitates 
the import of goods, services, technology, or 
natural resources, including energy imports and 
minerals, or their derivatives, from North 
Korea. 
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(H) Any person that knowingly facilitates 
the export of goods, services, technology, or nat-
ural resources, including energy exports and 
minerals, or their derivatives, to North Korea, 
except for food, medicine, or medical supplies 
required for civilian humanitarian needs. 
(I) Any person that knowingly invests in, 
or participates in a joint venture with, an entity 
in which the Government of North Korea par-
ticipates or an entity that is created or orga-
nized under North Korean law. 
(J) Any person that knowingly provides fi-
nancial services, including through a subsidiary 
or joint venture, in North Korea. 
(K) Any person that knowingly insures, 
registers, facilitates the registration of, or 
maintains insurance or a registration for, a ves-
sel owned, controlled, commanded, or operated 
by a North Korean person. 
(L) Any person knowingly providing spe-
cialized teaching, training, or information or 
providing material or technological support to a 
North Korean person that— 
(i) may contribute to North Korea’s 
development and proliferation of WMD, in-
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cluding systems designed in whole or in 
part for the delivery of such weapons; or 
(ii) may contribute to significant ac-
tivities undermining cybersecurity. 
(3) FINANCIAL INSTITUTION DEFINITIONS.— 
(A) FINANCIAL
INSTITUTION.—The term 
‘‘financial institution’’ means a United States 
financial institution or a foreign financial insti-
tution. 
(B) FOREIGN FINANCIAL INSTITUTION.— 
The term ‘‘foreign financial institution’’ has the 
meaning 
given 
that 
term 
under 
section 
1010.605 of title 31, Code of Federal Regula-
tions. 
(C) NORTH KOREAN FINANCIAL INSTITU-
TION.—The term ‘‘North Korean financial in-
stitution’’ includes— 
(i) any North Korean financial insti-
tution, as defined in section 3 of the North 
Korea Sanctions and Policy Enhancement 
Act of 2016 (22 U.S.C. 9202); 
(ii) any financial agency, as defined in 
section 5312 of title 31, United States 
Code, that is owned or controlled by the 
Government of North Korea; 
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(iii) any money transmitting business, 
as defined in section 5330(d) of title 31, 
United States Code, that is owned or con-
trolled by the Government of North Korea; 
(iv) any financial institution that is a 
joint venture between any person and the 
Government of North Korea; and 
(v) any joint venture involving a 
North Korean financial institution. 
(D) UNITED STATES FINANCIAL INSTITU-
TION.—The term ‘‘United States financial insti-
tution’’ has the meaning given the term ‘‘U.S. 
financial institution’’ under section 510.310 of 
title 31, Code of Federal Regulations. 
(4) KNOWINGLY.—The term ‘‘knowingly’’ with 
respect to conduct, a circumstance, or a result, 
means that a person has actual knowledge, or should 
have known, of the conduct, the circumstance, or the 
result. 
Æ 
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