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1 S. 1591, Otto Warmbier Banking Restrictions Involving North Korea Act of 2017 1 (2017)

handle is hein.congrec/otwmbkre3945 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE COST ESTIMATE December 7, 2017 S. 1591 Otto Warmbier Banking Restrictions Involving North Korea Act of 2017 As reported by the Senate Committee on Banking, Housing, and Urban Affairs on November 16, 2017 S. 1591 would modify sanctions on North Korea in a number of ways. The bill would require the Secretary of the Treasury to impose sanctions on foreign financial institutions that provide financial services to any person sanctioned under the North Korean Sanctions and Policy Enforcement Act (NKSPEA), an executive order, or a United Nations Security Council (UNSC) Resolution. Under the bill options for further sanctions could include blocking assets and restricting or prohibiting correspondent or payable- through accounts in the United States. (Correspondent accounts allow banks to send money to each other internationally and are essential for banks to access foreign financial systems and for customer payments.) Oher changes to sanctions on North Korea in S. 1591 include an expansion of the mandatory designations under NKSPEA related to trade and transactions in a variety of goods and services. The bill also would expand the reporting requirements of the Department of the Treasury to the Congress on a variety of topics, including North Korean financial networks, certain transactions with North Korea, and the combating of human trafficking. Among other changes, the bill would designate a new office within the Office of Terrorism and Financial Intelligence (OFTI) to combat illicit financing of human trafficking. Using information about the costs of similar activities, CBO estimates that expanding the duties of OFTI, implementing the reporting requirements, and administering the sanctions under S. 1591 would cost about $1 million over the 2018-2022 period; such spending would be subject to the availability of appropriated funds. Enacting S. 1591 would increase the number of people and entities that would be subject to civil or criminal penalties. Penalties are recorded in the budget as revenues and a portion of those penalties can be spent without further appropriation. Pay-as-you-go procedures apply to this bill because enacting it would affect direct spending and revenues. However, CBO estimates that implementing the additional sanctions would affect very few people or entities because of the broad scope of restrictions that exist under current law and executive orders that address financial and other interactions with

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