Otto Warmbier North Korea Nuclear Sanctions Act of 2019

Otto Warmbier North Korea Nuclear Sanctions Act of 2019

This bill imposes financial sanctions and restrictions related to North Korea.

The Department of the Treasury shall  restrict correspondent and payable-through accounts that are used to facilitate significant transactions or provide services to sanctioned entities, specifically North Korean financial institutions, companies, and certain North Korean individuals, such as those named in certain executive orders. (Correspondent and payable-through accounts are often maintained by foreign financial institutions in U.S. banks to access the U.S. financial system.)

Treasury shall use its vote and voice in international financial institutions, such as the International Monetary Fund (IMF), to oppose the provision of assistance by such institutions to governments that fail to enforce the sanctions provided under this bill.

The Export-Import Bank may not guarantee, insure, or extend credit in relation to exports to entities sanctioned under this bill.

Treasury shall support increasing use of the IMF administrative budget for technical assistance to help IMF members fight money laundering and funding for terrorism.

Various sanctions and restrictions under this bill shall be suspended if the President certifies to Congress that (1) North Korea has committed to suspending its weapons of mass destruction programs and engaging in multilateral talks on limiting such programs, or (2) it is in U.S. national security interests to do so.