Hill Votes to Increase Sanctions on North Korea
Washington, DC,
October 25, 2017
Congressman French Hill (AR-02) released the following statement after voting in support of legislation that passed out of the House Financial Services Committee and that would impose stronger sanctions on North Korea: “We took action in the House Financial Services Committee to impose stronger sanctions on North Korea. We passed legislation out of the committee with a strong bipartisan vote that would incentivize stricter sanction enforcement by foreign countries and require regular reports on sanction implementation from the Department of the Treasury. The legislation also would impose economic restrictions on a number of North Korean and Chinese banks as well as trading corporations and individuals associated with those entities. It also would give the International Monetary Fund the ability to use its budget to assist member states with improving their capacity to prevent money laundering and terrorism finance. “This legislation comes at an important time as the United States and the international community are taking significant actions against the North Korean regime and their many threats. This legislation adds to the actions the Administration and Congress have already taken to reign in this rogue nation.” Click HERE to listen to my remarks on this legislation. Background: The Otto Warmbier Nuclear Sanctions Act, H.R. 3898, incurs strict penalties on any individual that facilitates transfers to North Korea through U.S. accounts or any foreign account that may touch the U.S. financial system. |
