Posted on 07/20/2017 7:30:39 PM PDT by TigerLikesRooster
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 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 Park, 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 transport equipment.
The provision, which carries no legally binding force, appears to have reflected the U.S. congress’ negative sentiment about reopening the industrial park.
P!
US Senators proving once again that they are just a bunch of farts in a whirlwind!
What’s the punishment? Force Obamacare on them too?
Stupid.
Washington want us to believe Kim will be affected?
What a joke - all this does is put more misery on the Korean people and not a fly speck of trouble for the ‘oh so fat and ugly one’...
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