rean financial institution designated under sec-
tion 104(b). 
(2) ENABLING OR FACILITATION OF ACCESS TO 
SPECIALIZED
FINANCIAL
MESSAGING
SERVICES 
THROUGH
INTERMEDIARY
FINANCIAL
INSTITU-
TIONS.—For purposes of paragraph (1) and sub-
section (b), enabling or facilitating direct or indirect 
access to specialized financial messaging services for 
any North Korean financial institution designated 
under section 104(b) includes doing so by serving as 
an intermediary financial institution with access to 
such messaging services. 
(b) AUTHORIZATION
OF
IMPOSITION
OF
SANC-
TIONS.— 
(1) IN GENERAL.—Except as provided in para-
graph (2), if, on or after the date that is 180 days 
after the date of the enactment of this Act, a person 
continues to knowingly and directly provide special-
ized financial messaging services to, or knowingly 
enable or facilitate direct or indirect access to such 
messaging services for any North Korean financial 
institution designated under section 104(b), the 
President may impose sanctions pursuant to section 
206(b) of the International Emergency Economic 
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Powers Act (50 U.S.C. 1705(b)) with respect to the 
person. 
(2) EXCEPTION.—The President may not im-
pose sanctions pursuant to paragraph (1) with re-
spect to a person for directly providing specialized fi-
nancial messaging services to, or enabling or facili-
tating direct or indirect access to such messaging 
services for, any North Korean financial institution 
designated under section 104(b) if— 
(A) the person is subject to a sanctions re-
gime under its governing foreign law that re-
quires it to eliminate the knowing provision of 
such messaging services to, and the knowing 
enabling and facilitation of direct or indirect ac-
cess to such messaging services for any North 
Korean financial institution designated under 
section 104(b); and 
(B) the person has, pursuant to that sanc-
tions regime, terminated the knowing provision 
of such messaging services to, and the knowing 
enabling and facilitation of direct or indirect ac-
cess to such messaging services for, any North 
Korean financial institution designated under 
section 104(b) identified under such governing 
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foreign law for purposes of that sanctions re-
gime. 
(3) REQUIREMENT FOR CONSULTATION.—The 
President may not impose sanctions pursuant to 
paragraph (1) with respect to a person for directly 
providing specialized financial messaging services to, 
or enabling or facilitating direct or indirect access to 
such messaging services for, any North Korean fi-
nancial institution designated under section 104(b) 
unless the President has made good-faith efforts to 
obtain the voluntary cessation of such specialized fi-
nancial messaging services by such person. 
SEC. 203. PROLIFERATION PREVENTION SANCTIONS. 
(a) IN GENERAL.—Section 6(j) of the Export Admin-
istration Act of 1979 (50 U.S.C. App. 2405), as continued 
in effect under the International Emergency Economic 
Powers Act, is amended by adding at the end the following 
new paragraph: 
‘‘(7) A validated license shall be required for 
the export to North Korea of any goods or tech-
nology without regard to whether or not the Sec-
retary of State has designated North Korea as a 
country the government of which has provided sup-
port for acts of international terrorism, as deter-
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mined by the Secretary of State under paragraph 
(1) or any other provision of law.’’. 
(b) TRANSACTIONS WITH COUNTRIES SUPPORTING 
ACTS OF INTERNATIONAL TERRORISM.—The prohibitions 
and restrictions described in section 40 of the Arms Ex-
port Control Act (22 U.S.C. 2780) shall also apply to ex-
porting or otherwise providing (by sale, lease or loan, 
grant, or other means), directly or indirectly, any muni-
tions item or defense articles and defense services to the 
Government of North Korea without regard to whether or 
not North Korea is a country with respect to which sub-
section (d) of such section (relating to designation of state 
sponsors of terrorism) applies. 
SEC. 204. PROCUREMENT SANCTIONS. 
(a) IN GENERAL.—Except as provided in this section, 
the United States Government may not procure, or enter 
into any contract for the procurement of, any goods or 
services from any designated person. 
(b) FAR.—The Federal Acquisition Regulation 
issued pursuant to section 1303 of title 41, United States 
Code, shall be revised to require a certification from each 
person that is a prospective contractor that such person 
does not engage in any of the activities described in section 
104(a). Such amendment shall apply with respect to con-
tracts for which solicitations are issued on or after the 
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date that is 90 days after the date of the enactment of 
this Act. 
(c) GSA.—The Administrator of General Services 
shall include on the List of Parties Excluded from Federal 
Procurement and Nonprocurement Programs maintained 
by the Administrator under part 9 of the Federal Acquisi-
tion Regulation each person that is debarred, suspended, 
or proposed for debarment or suspension by the head of 
an executive agency on the basis of a determination of a 
false certification under subsection (b). If the head of an 
executive agency determines that a person has submitted 
a false certification under subsection (b) after the date on 
which the Federal Acquisition Regulation is revised to im-
plement the requirements of this section, the head of such 
executive agency shall terminate a contract with such per-
son or debar or suspend such person from eligibility for 
Federal contracts for a period of not more than three 
years. Any such debarment or suspension shall be subject 
to the procedures that apply to debarment and suspension 
under the Federal Acquisition Regulation under subpart 
9.4 of part 9 of title 48, Code of Federal Regulations. 
(d) CLARIFICATION REGARDING CERTAIN PROD-
UCTS.—The remedies specified in subsections (a) through 
(c) shall not apply with respect to the procurement of eligi-
ble products, as defined in section 308(4) of the Trade 
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Agreements Act of 1979 (19 U.S.C. 2518(4)), of any for-
eign country or instrumentality designated under section 
301(b) of such Act (19 U.S.C. 2511(b)). 
(e) RULE OF CONSTRUCTION.—Nothing in his sub-
section may be construed to limit the use of other remedies 
available to the head of an executive agency or any other 
official of the Federal Government on the basis of a deter-
mination of a false certification under subsection (b). 
(f) EXECUTIVE AGENCY DEFINED.—In this section, 
the term ‘‘executive agency’’ has the meaning given such 
term in section 133 of title 41, United States Code. 
SEC. 205. SANCTIONS WITH RESPECT TO THE PROVISION 
OF VESSELS OR SHIPPING SERVICES TO 
TRANSPORT CERTAIN GOODS RELATED TO 
PROLIFERATION, TERRORISM, OR CRIMINAL 
ACTIVITIES OF NORTH KOREA. 
(a) BRIEFING REQUIRED.—Not later than 180 days 
after the date of the enactment of this Act, and every 180 
days thereafter, the President shall provide to the appro-
priate congressional committees a briefing identifying for-
eign ports and airports whose inspections of ships, air-
craft, and conveyances originating in North Korea, car-
rying North Korean property, or operated by the Govern-
ment of North Korea are deficient to effectively prevent 
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the facilitation of any of the activities described in section 
104(a). 
(b) ENHANCED CUSTOMS INSPECTION REQUIRE-
MENTS.—Not later than 180 days after the identification 
of any port or airport pursuant to subsection (a), the Sec-
retary of Homeland Security shall promulgate regulations 
imposing enhanced inspection requirements on any cargo 
landed in the United States or entering interstate com-
merce that has been transported through such port or air-
port. 
(c) SEIZURE AND FORFEITURE.—A vessel, aircraft, 
or conveyance used to facilitate any of the activities de-
scribed in section 104(a) that comes within the jurisdic-
tion of the United States may be seized and forfeited 
under chapter 46 of title 18, United States Code, or under 
chapter 4 of title 19, United States Code, and the proceeds 
of any such forfeiture shall be available for the purposes 
described in section 403. 
SEC. 206. INTERNATIONAL ASSISTANCE. 
(a) CONDITION ON PROVISION OF UNITED STATES 
FUNDS
TO
AN INTERNATIONAL FINANCIAL INSTITU-
TION.—Funds appropriated for payment to an inter-
national financial institution (as defined in section 
1701(c)(2) of the International Financial Institutions Act 
(22 U.S.C. 262r(c)(2))) shall not be made available to the 
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institution unless the institution provides assurances to 
the Secretary of State that the funds will not be used for 
assistance to the Government of North Korea. 
(b) OPPOSITION TO USE OF INTERNATIONAL FINAN-
CIAL INSTITUTION FUNDS
FOR NORTH KOREA.—The 
United States Executive Director at each international fi-
nancial institution (as so defined) shall use the voice, vote, 
and influence of the United States to oppose the provision 
by the institution of any assistance to the Government of 
North Korea. 
(c) TRANSACTIONS IN DEFENSE ARTICLES AND DE-
FENSE SERVICES.— 
(1) IN GENERAL.—The President shall withhold 
assistance under part I of the Foreign Assistance 
Act of 1961 (22 U.S.C. 2151 et seq.) to the govern-
ment of any country that provides defense articles 
and defense services to the Government of North 
Korea or receives defense articles and defense serv-
ices from the Government of North Korea. 
(2) APPLICABILITY.—The prohibition described 
in paragraph (1) shall terminate on the date that is 
2 years after the date on which such foreign govern-
ment ceases to provide defense articles and defense 
services to the Government of North Korea, or to 
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purchase or receive defense articles and defense 
services from the Government of North Korea. 
(3) WAIVER.—Assistance may be furnished to a 
foreign government described in paragraph (1) if the 
President makes the determinations prescribed in 
subsection (b) of section 620G of the Foreign Assist-
ance Act of 1961, as amended (22 U.S.C. 2377(b)). 
SEC. 207. EXCLUSION, WAIVER, AND REMOVAL OF DESIGNA-
TION. 
(a) EXCLUSIONS.—The following activities shall not 
apply with respect to the requirement under subsection 
(a), (b), (c), or (d) of section 104 to designate a person, 
foreign government, or financial institution for purposes 
of imposing a sanction or sanctions on the designated per-
son: 
(1) Activities subject to the reporting require-
ments of title V of the National Security Act of 
1947 (50 U.S.C. 413 et seq.), or to any authorized 
intelligence activities of the United States. 
(2) Any transaction the exclusive purpose for 
which is to provide humanitarian assistance to the 
people of North Korea. 
(3) Any transaction the exclusive purpose for 
which is to import food products into North Korea, 
if such food items are not defined as luxury goods. 
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(4) Any transaction necessary to maintain a 
diplomatic or consular relationship under the Agree-
ment between the United Nations and the United 
States of America regarding the Headquarters of the 
United Nations, signed June 26, 1947, and entered 
into force November 21, 1947, or under the Vienna 
Convention on Consular Relations, signed April 24, 
1963, and entered into force on March 19, 1967. 
(5) Any transaction the exclusive purpose for 
which is to import fertilizers, pesticides, agricultural 
equipment, or medical supplies or equipment into 
North Korea, provided that such supplies or equip-
ment are not controlled under— 
(A) the Export Administration Act of 1979 
(50 U.S.C. App. 2401 et seq.), as continued in 
effect under the International Emergency Eco-
nomic Powers Act (50 U.S.C. 1701 et seq.); 
(B) the Arms Export Control Act (22 
U.S.C. 2751 et seq.); 
(C) part B of title VIII of the Nuclear 
Proliferation Prevention Act of 1994 (22 
U.S.C. 6301 et seq.); or 
(D) the Chemical and Biological Weapons 
Control and Warfare Elimination Act of 1991 
(22 U.S.C. 5601 et seq.). 
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(b) WAIVERS.— 
(1) IN GENERAL.—The President may waive, 
on a case-by-case basis, and for a period not to ex-
ceed one year, the requirement under subsection (a) 
or (b) of section 104 to designate a person, foreign 
government, or financial institution, or to impose a 
sanction or sanctions on the designated person, if 
the President submits to the appropriate congres-
sional committees a written determination that the 
waiver meets the following requirements: 
(A) The waiver is vital to the economic or 
national security interests of the United States. 
(B) The waiver will advance the purposes 
set forth in section 4 of the North Korea 
Human Rights Act of 2004 (22 U.S.C. 7801 et 
seq.). 
(C) The waiver is for the benefit of a fi-
nancial institution that— 
(i) has blocked all North Korean 
property deposited in such financial insti-
tution, pending an audit of the origin of 
such property and the implementation of 
safeguards to ensure that the property is 
not used to facilitate any of the activities 
described in section 104(a); and 
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(ii) is providing good-faith cooperation 
with the investigation of any of the activi-
ties described in section 104(a) or the en-
forcement of the provisions of this Act. 
(D) The waiver is for the benefit of a per-
son, foreign government, or financial institution 
that is providing good-faith cooperation with 
the investigation of any of the activities de-
scribed in section 104(a) and the enforcement 
of this Act. 
(E) The waiver is for the benefit of a per-
son, foreign government, or financial institution 
that provides underwriting, financial, insurance, 
reinsurance, reflagging, transportation, or fi-
nancial messaging services, and who has exer-
cised due diligence in establishing and enforcing 
official policies, procedures, and controls to en-
sure that the person, foreign government, or fi-
nancial institution (as the case may be) does 
not facilitate any of the activities described in 
section 104(a). 
(F) In the absence of the waiver, the impo-
sition of the sanction or sanctions would have 
a severe and adverse humanitarian impact on 
the people of North Korea and such impact 
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substantially outweighs the interest of the 
United States in enforcing the provisions of this 
Act. 
(2) GOVERNMENT
OF
NORTH
KOREA.—The 
President may waive, on a case-by-case basis, and 
for a period not to exceed one year, the requirement 
under section 104(c) to designate the Government of 
North Korea, or to impose a sanction or sanctions 
on the Government of North Korea, if the President 
submits to the appropriate congressional committees 
a written determination that the waiver meets the 
requirements described in paragraph (1)(F). 
(c) REMOVAL OF SANCTIONS.—The President may 
prescribe rules and regulations for the removal of sanc-
tions on a person, foreign government, or financial institu-
tion that is designated under subsection (a), (b), or (d) 
of section 104 and the removal of designations of a person, 
foreign government, or financial institution with respect 
to such sanctions if the President determines that the des-
ignated person has verifiably ceased its participation in 
any of the activities described in section 104(a) and is co-
operating with the investigation of such activities and car-
rying out this Act. 
(d) FINANCIAL SERVICES FOR HUMANITARIAN AND 
CONSULAR ACTIVITIES.—The President may promulgate 
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regulations, rules, and polices as may be necessary to fa-
cilitate the provision of financial services by a foreign fi-
nancial institution that is not controlled by the Govern-
ment of North Korea in support of the activities subject 
to exclusion under this section. 
TITLE 
III—PROMOTION 
OF 
HUMAN 
RIGHTS 
AND 
DIS-
INVESTMENT 
SEC. 301. INFORMATION TECHNOLOGY. 
Section 104 of the North Korean Human Rights Act 
of 2004 (22 U.S.C. 7814) is amended by inserting after 
subsection (c) the following new subsection: 
‘‘(d) INFORMATION TECHNOLOGY STUDY.—Not later 
than 180 days after the date of the enactment of this sub-
section, the President shall submit to the appropriate con-
gressional committees a classified report setting forth a 
detailed plan for making unrestricted, unmonitored, and 
inexpensive electronic mass communications available to 
the people of North Korea.’’. 
SEC. 302. DISCLOSURES TO SECURITIES AND EXCHANGE 
COMMISSION RELATING TO SANCTIONABLE 
ACTIVITIES. 
(a) IN GENERAL.—Section 13 of the Securities Ex-
change Act of 1934 (15 U.S.C. 78m) is amended by add-
ing at the end the following new subsection: 
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‘‘(s) DISCLOSURE OF CERTAIN ACTIVITIES RELAT-
ING
TO NORTH KOREA, TERRORISM, AND
THE PRO-
LIFERATION OF WEAPONS OF MASS DESTRUCTION.— 
‘‘(1) GENERAL DISCLOSURE REQUIRED.—Each 
issuer required to file an annual or quarterly report 
under subsection (a) shall include with such report 
a statement of whether, during the period since the 
issuer made the last such report, the issuer or any 
affiliate of the issuer— 
‘‘(A) was designated under section 104 of 
the North Korea Sanctions Enforcement Act of 
2013, or engaged in any of the activities de-
scribed in section 104(a) of such Act; or 
‘‘(B) knowingly conducted any transaction 
or dealing with any person designated pursuant 
to subsection (a), (b), (c), or (d) of section 104 
of the North Korea Sanctions Enforcement Act 
of 2013. 
‘‘(2) SPECIFIC DISCLOSURE REQUIRED.—If an 
issuer reports under paragraph (1) that the issuer or 
an affiliate of the issuer has engaged in any activity 
described in that paragraph, the issuer shall include 
with the statement required under that paragraph a 
detailed description of each such activity, includ-
ing— 
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‘‘(A) the nature and extent of the activity; 
‘‘(B) the revenues and profits, if any, at-
tributable to the activity; and 
‘‘(C) whether the issuer or the affiliate of 
the issuer (as the case may be) intends to con-
tinue the activity. 
‘‘(3) INVESTIGATION OF DISCLOSURES.—When 
the Commission receives a report under paragraph 
(1) from an issuer that the issuer or an affiliate of 
the issuer has engaged in any activity described in 
that paragraph, the President shall— 
‘‘(A) initiate an investigation into the pos-
sible imposition of sanctions under the North 
Korea Sanctions Enforcement Act of 2013, the 
International Emergency Economic Powers Act 
(50 U.S.C. 1701 et seq.), Executive Order 
13224, Executive Order 13382, Executive 
Order 13551, Executive Order 13570, or any 
other provision of law; and 
‘‘(B) not later than 180 days after initi-
ating such an investigation, make such deter-
minations as are required by section 104 of the 
North Korea Sanctions Enforcement Act of 
2013.’’. 
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(b) EFFECTIVE DATE.—The amendment made by 
subsection (a) shall take effect with respect to reports re-
quired to be filed with the Securities and Exchange Com-
mission after a date that is 90 days after the date of the 
enactment of this Act. 
SEC. 303. AUTHORITY OF STATE AND LOCAL GOVERN-
MENTS TO DIVEST FROM COMPANIES THAT 
INVEST IN NORTH KOREA. 
(a) SENSE OF CONGRESS.—It is the sense of Con-
gress that the United States should support the decision 
of any State or local government that for moral, pruden-
tial, or reputational reasons divests from, or prohibits the 
investment of assets of such State or local government in, 
a person that engages in investment activities in North 
Korea, if North Korea is subject to economic sanctions 
imposed by the United States. 
(b) AUTHORITY TO DIVEST.—Notwithstanding any 
other provision of law, a State or local government may 
adopt and enforce measures that meet the requirements 
of subsection (d) to divest the assets of such State or local 
government from, or prohibit investment of the assets of 
such State or local government in, any person that such 
State or local government determines, using credible infor-
mation available to the public, engages in investment ac-
tivities in North Korea described in subsection (c). 
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(c) INVESTMENT ACTIVITIES DESCRIBED.—A person 
engages in investment activities in North Korea described 
in this subsection if the person— 
(1) has an investment of $10,000 or more in 
North Korea; or 
(2) is a financial institution that extends 
$10,000 or more in credit to another person, for 45 
days or more, if such person will use such credit for 
investment in North Korea. 
(d) REQUIREMENTS.—Any measure taken by a State 
or local government under subsection (b) shall meet the 
following requirements: 
(1) NOTICE.—The State or local government 
shall provide written notice to each person with re-
spect to which a measure under this section is to be 
applied. 
(2) TIMING.—The measure applied under this 
section shall apply to a person not earlier than the 
date that is 90 days after the date on which written 
notice is provided to such person under paragraph 
(1). 
(3) OPPORTUNITY FOR HEARING.—The State 
or local government at issue shall provide an oppor-
tunity to comment in writing to each person with re-
spect to which a measure is to be applied under this 
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section. If such person demonstrates to such State 
or local government that such person does not en-
gage in investment activities in North Korea de-
scribed in subsection (c), such measure shall not 
apply to such person. 
(4) SENSE OF CONGRESS ON AVOIDING ERRO-
NEOUS
TARGETING.—It is the sense of Congress 
that a State or local government should not adopt 
a measure under subsection (b) with respect to a 
person unless such State or local government has 
made every effort to avoid erroneously targeting 
such person and has verified that such person en-
gages in investment activities in North Korea de-
scribed in subsection (c). 
(e) NOTICE
TO DEPARTMENT
OF JUSTICE.—Not 
later than 30 days after a State of local government ap-
plies a measure under this section, such State or local gov-
ernment shall notify the Attorney General of such meas-
ure. 
(f) NONPREEMPTION.—A measure applied by a State 
or local government authorized under subsection (b) or (i) 
is not preempted by any Federal law or regulation. 
(g) DEFINITIONS.—In this section: 
(1) ASSET.— 
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(A) IN GENERAL.—Except as provided in 
subparagraph (B), the term ‘‘asset’’ refers to 
public monies and includes any pension, retire-
ment, annuity, or endowment fund, or similar 
instrument, that is controlled by a State or 
local government. 
(B) EXCEPTION.—The term ‘‘asset’’ does 
not include employee benefit plans covered by 
title I of the Employee Retirement Income Se-
curity Act of 1974 (29 U.S.C. 1001 et seq.). 
(2) INVESTMENT.—The term ‘‘investment’’ in-
cludes— 
(A) a commitment or contribution of funds 
or property; 
(B) a loan or other extension of credit; and 
(C) the entry into or renewal of a contract 
for goods or services. 
(h) EFFECTIVE DATE.— 
(1) IN GENERAL.—Except as provided in para-
graph (2) or subsection (i), this section applies to 
measures applied by a State or local government be-
fore, on, or after the date of the enactment of this 
Act. 
(2) NOTICE REQUIREMENTS.—Except as pro-
vided in subsection (i), subsections (d) and (e) apply 
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to measures applied by a State or local government 
on or after the date of the enactment of this Act. 
(i) AUTHORIZATION
FOR PRIOR APPLIED MEAS-
URES.— 
(1) IN GENERAL.—Notwithstanding any other 
provision of this section or any other provision of 
law, a State or local government may enforce a 
measure (without regard to the requirements of sub-
section (d), except as provided in paragraph (2)) ap-
plied by such State or local government before the 
date of the enactment of this Act that provides for 
the divestment of assets of such State or local gov-
ernment from, or prohibits the investment of the as-
sets of such State or local government in, any per-
son that such State or local government determines, 
using credible information available to the public, 
engages in investment activities in North Korea (de-
termined without regard to subsection (c)) or other 
business activities in North Korea that are identified 
in such measure. 
(2) 
APPLICATION
OF
NOTICE
REQUIRE-
MENTS.—A measure described in paragraph (1) 
shall be subject to the requirements of paragraphs 
(1) and (2) and the first sentence of paragraph (3) 
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of subsection (d) on and after the date that is two 
years after the date of the enactment of this Act. 
(j) RULE OF CONSTRUCTION.—Nothing in this Act 
or any other provision of law authorizing sanctions with 
respect to North Korea shall be construed to abridge the 
authority of a State or local government to issue and en-
force rules governing the safety, soundness, and solvency 
of a financial institution subject to its jurisdiction or the 
business of insurance pursuant to the Act of March 9, 
1945 (15 U.S.C. 1011 et seq.) (commonly known as the 
‘‘McCarran-Ferguson Act’’). 
SEC. 304. SAFE HARBOR FOR CHANGES OF INVESTMENT 
POLICIES BY ASSET MANAGERS. 
(a) IN GENERAL.—Section 13(c)(1) of the Invest-
ment Company Act of 1940 (15 U.S.C. 80a–13(c)(1)) is 
amended— 
(1) in subparagraph (A), by striking ‘‘or’’ at 
the end; 
(2) in subparagraph (B), by striking the period 
and inserting ‘‘; or’’; and 
(3) by adding at the end the following: 
‘‘(C) engage in investment activities in 
North Korea described in section 303 of the 
North Korea Sanctions Enforcement Act of 
2013.’’. 
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(b) SECURITIES AND EXCHANGE COMMISSION REGU-
LATIONS.—Not later than 120 days after the date of the 
enactment of this Act, the Securities and Exchange Com-
mission shall issue any revisions the Commission deter-
mines to be necessary to the regulations requiring disclo-
sure by each registered investment company that divests 
itself of securities in accordance with section 13(c) of the 
Investment Company Act of 1940 (15 U.S.C. 80a–13(c)), 
including divestments of securities in accordance with sub-
paragraph (C) of such section, as added by subsection 
(a)(3). 
SEC. 305. SENSE OF CONGRESS REGARDING CERTAIN 
ERISA PLAN INVESTMENTS. 
It is the sense of Congress that a fiduciary of an em-
ployee benefit plan, as defined in section 3(3) of the Em-
ployee Retirement Income Security Act of 1974 (29 
U.S.C. 1002(3)), may divest plan assets from, or avoid 
investing plan assets in, any person the fiduciary deter-
mines engages in investment activities in North Korea de-
scribed in section 406 of this Act, without breaching the 
responsibilities, obligations, or duties imposed upon such 
fiduciary by subparagraph (A) or (B) of section 404(a)(1) 
of the Employee Retirement Income Security Act of 1974 
(29 U.S.C. 1104(a)(1)), if— 
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(1) such fiduciary makes such determination 
using credible information that is available to the 
public; and 
(2) such fiduciary prudently determines that 
the result of such divestment or avoidance of invest-
ment would not be expected to provide the employee 
benefit plan with— 
(A) a lower rate of return than alternative 
investments with commensurate degrees of risk; 
or 
(B) a higher degree of risk than alter-
native investments with commensurate rates of 
return. 
SEC. 306. REPORT ON NORTH KOREAN PRISON CAMPS. 
(a) IN GENERAL.—The Secretary of State shall sub-
mit to the appropriate congressional committees a report 
describing, with respect to each political prison camp in 
North Korea— 
(1) the camp’s estimated prisoner population; 
(2) the camp’s geographical coordinates; 
(3) the reasons for confinement of the pris-
oners; 
(4) the camp’s primary industries and products, 
and the end users of any goods produced in such 
camp; 
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(5) the natural persons and agencies respon-
sible for conditions in the camp; 
(6) the conditions under which prisoners are 
confined, with respect to the adequacy of food, shel-
ter, medical care, working conditions, and reports of 
ill-treatment of prisoners; and 
(7) imagery, to include satellite imagery of each 
such camp, in a format that, if published, would not 
compromise the sources and methods used by the in-
telligence agencies of the United States to capture 
geospatial imagery. 
(b) FORM.—The report required under subsection (a) 
shall be included in the first report required to be sub-
mitted to Congress after the date of the enactment of this 
Act under sections 116(d) and 502B(b) of the Foreign As-
sistance Act of 1961 (22 U.S.C. 2151n(d) and 2304(b)) 
(relating to the annual human rights report). 
SEC. 307. LIMITS ON JURISDICTIONAL IMMUNITY. 
The exception to immunity provided in section 1605A 
of title 28, United States Code, applies to North Korea, 
to the same extent as any foreign state (as defined in sec-
tion 1603 of such title), and (as provided in section 
1605(c) of such title) to any official, employee, or agent 
of North Korea, without regard to whether or not North 
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Korea is designated as a state sponsor of terrorism, as 
defined in section 1605A(h) of such title. 
TITLE IV—GENERAL 
AUTHORITIES 
SEC. 401. SUSPENSION OF SANCTIONS AND OTHER MEAS-
URES. 
(1) IN GENERAL.—Any sanction or other meas-
ure required by title II or III of this Act (or any 
amendment made by title II or III of this Act) may 
be suspended for up to 365 days upon certification 
by the President to the appropriate congressional 
committees that the Government of North Korea 
has— 
(A) verifiably ceased its counterfeiting of 
United States currency, including the surrender 
or destruction of specialized materials and 
equipment used for or particularly suitable for 
counterfeiting; 
(B) taken significant steps toward finan-
cial transparency to comply with generally ac-
cepted protocols to cease and prevent the laun-
dering of monetary instruments; 
(C) 
taken 
significant 
steps 
toward 
verification of its compliance with United Na-
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tions Security Council Resolutions 1695, 1718, 
1874, 2087, and 2094; 
(D) taken significant steps toward ac-
counting for and repatriating the citizens of 
other countries abducted by the Government of 
North Korea; 
(E) 
taken 
significant 
steps 
toward 
verification of its compliance with the Joint 
Statement of September 19, 2005; 
(F) accepted and begun to abide by inter-
nationally recognized standards for the distribu-
tion and monitoring of humanitarian aid; 
(G) provided credible assurances that it 
will not support further acts of international 
terrorism; and 
(H) taken significant and verified steps to 
improve living conditions in its political prison 
camps. 
(2) RENEWAL OF SUSPENSION.—The suspen-
sion described in paragraph (1) may be renewed for 
an additional consecutive period of 365 days upon 
certification by the President to the appropriate con-
gressional committees that the Government of North 
Korea— 
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(A) has continued to make significant 
progress toward compliance with the conditions 
described in paragraph (1) during the previous 
year; and 
(B) meets 2 or more of the requirements 
described in paragraphs (1) through (6) of sec-
tion 402. 
SEC. 402. TERMINATION OF SANCTIONS AND OTHER MEAS-
URES. 
Any sanction or other measure required by title II 
or III and of this Act (or any amendment made by title 
II or III of this Act) shall terminate on the date on which 
the President determines and certifies to the appropriate 
congressional committees that the Government of North 
Korea has met the requirements of section 401, and has 
also— 
(1) completely, verifiably, and irreversibly dis-
mantled all of its nuclear, chemical, biological, and 
radiological weapons programs, including all pro-
grams for the development of systems designed in 
whole or in part for the delivery of such weapons; 
(2) released all political prisoners, including the 
citizens of North Korea detained in the North Ko-
rea’s political prison camps; 
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(3) ceased its censorship of peaceful political 
activity; 
(4) has taken significant steps toward the es-
tablishment of an open, transparent, and representa-
tive society; 
(5) has fully accounted for all citizens of all na-
tions abducted by the Government of North Korea; 
and 
(6) made public commitments to, and continues 
to make significant progress toward— 
(A) establishing an independent judiciary; 
and 
(B) respecting the human rights and basic 
freedoms recognized in the Universal Declara-
tion of Human Rights. 
SEC. 403. NORTH KOREA ENFORCEMENT AND HUMANI-
TARIAN FUND. 
(a) ESTABLISHMENT.—There is established in the 
Treasury of the United States a fund to be known as the 
North Korea Enforcement and Humanitarian Fund (in 
this section referred to as the ‘‘Fund’’). 
(b) DEPOSITS.—All revenues derived from any crimi-
nal, civil, or administrative forfeitures of property involved 
in any of the activities described in section 104(a), and 
all revenues derived from any agreement to defer prosecu-
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tion for any such activities, and all revenues derived from 
penalties assessed under section 206 of the International 
Emergency Economic Powers Act (50 U.S.C. 1705) aris-
ing from violations of section 104(a) or the regulations 
promulgated under section 104(f) or section 404, shall be 
deposited into the Fund, and may be transferred and con-
solidated on the books of the Treasury into a special ac-
count for the purposes described in subsection (c). 
(c) USES.—There are authorized to be appropriated 
from the Fund each fiscal year— 
(1) such amounts as shall be necessary and ap-
propriate for the administration of the Fund; and 
(2) without regard to fiscal year limitation, 
amounts not exceeding— 
(A) for salaries, benefits, and expenses for 
persons assigned by the President to conduct 
investigations and enforce sanctions as pre-
scribed in this Act, $5,000,000; 
(B) for any of the purposes described in 
section 524(c) of title 28, United States Code, 
or section 9703 of title 31, United States Code, 
with respect to investigations and enforcement 
activities under title I or title II, $5,000,000; 
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(C) to carry out section 103 of the North 
Korea Human Rights Act of 2004 (22 U.S.C. 
7813), $3,000,000; 
(D) to carry out section 104 of the North 
Korea Human Rights Act of 2004 (22 U.S.C. 
7814), $5,000,000; 
(E) to carry out section 203 of the North 
Korea Human Rights Act of 2004 (22 U.S.C. 
7833), $5,000,000; and 
(F) to carry out subsection (d) of section 
104 of the North Korean Human Rights Act of 
2004 (22 U.S.C. 7814) (as added by section 
301 of this Act), $2,000,000. 
(d) TRANSFER.—To prevent the accumulation of ex-
cessive surpluses in the Fund, in any fiscal year an 
amount specified in an annual appropriation law may be 
transferred out of the Fund and deposited, in equal pro-
portions, into the funds established under section 9703 of 
title 31, United States Code, and under section 524(c) of 
title 28, United States Code. 
(e) SUNSET.—The Fund established under this sec-
tion shall cease to exist on September 30, 2023, and any 
unexpended funds remaining in the Fund after such date 
shall be transferred in accordance with subsection (d). 
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SEC. 404. REGULATIONS. 
(a) IN GENERAL.—The President is authorized to 
promulgate such rules and regulations as may be nec-
essary to carry out the provisions of this Act. 
(b) RULE OF CONSTRUCTION.—Nothing in this Act 
or any amendment made by this Act shall be construed 
to limit the authority of the President to designate or 
sanction persons pursuant to Executive Order No. 13382, 
13224, 13551, or otherwise pursuant to the International 
Emergency Economic Powers Act (50 U.S.C. 1701 et 
seq.). 
SEC. 405. EFFECTIVE DATE. 
Except as otherwise provided in this Act, this Act and 
the amendments made by this Act shall take effect on the 
date of the enactment of this Act. 
Æ 
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