US Senators Propose Bill to Increase Financial Pressure on N. Korea
US Senators Propose Bill to Increase Financial Pressure on N. Korea
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edited by kcontents
Write : 2017-07-21
Anchor: U.S. senators have proposed a bill to increase financial pressure on North Korea and deny financial institutions dealing with the North access to the U.S. financial system.
Our Bae Joo-yon has more.
Report: U.S. senators have proposed a bill to increase financial pressure on North Korea and penalize banks and other financial institutions doing business with the communist country.
Radio Free Asia(RFA) reported on Friday that Republican Senator Pat Toomey and Democratic Senator Chris Van Hollen on Thursday put forward the legislation “Banking Restrictions Involving North Korea Act of 2017” or BRINK Act.
The legislation would require the U.S. president to order an investigation into financial institutions doing business directly or indirectly with North Korean banks.
Financial institutions which do not faithfully implement sanctions against the North will be denied access to the U.S. financial system.
The bill would also impose sanctions on financial institutions that help North Korean banks access the Society for Worldwide Interbank Financial Telecommunication(SWIFT), the global banking communications service. The proposed bill has provisions that would encourage foreign governments to join the U.S. financial sanctions.
In addition, the bill allows the U.S. to lift the new sanctions if the North takes steps to abandon its nuclear weapons or releases detained American citizens, but requires a congressional review beforehand.
The legislation stipulates that the inter-Korean Gaeseong Industrial Complex, which was shut down in February last year, should not reopen until Pyongyang abandons all of its weapons of mass destruction including nuclear weapons and related delivery vehicles.
The provision, which carries no legally binding force, appears to have reflected the U.S. Congress’ negative sentiment about the reopening of the industrial park.
Bae Joo-yon, KBS World Radio News.
http://world.kbs.co.kr/english/news/news_In_detail.htm?No=128852
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