Perlmutter Introduces Bipartisan Legislation to Create Secondary Sanctions on Financial Institutions Providing Financial Services to North Korea

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Washington, D.C.-, October 12, 2017 | comments

Washington, D.C. – U.S. Rep. Ed Perlmutter (CO-07) today introduced bipartisan legislation, H.R. 3898, the Impeding North Korea’s Access to Finance Act, to create secondary sanctions on financial institutions providing financial services to North Korea. This legislation goes a step further than H.R. 3364, the Countering America’s Adversaries through Sanctions Act, which would require U.S. banks to ensure that accounts are not tied to North Korean entities. Perlmutter supported this legislation and it was signed into law on July 25, 2017.

“I have serious concerns about escalating tensions with North Korea. North Korea’s recent missile launches and nuclear tests pose a direct threat to our national security as well as global peace and security,” said Perlmutter. “The international community must be united to achieve robust and transparent measures to monitor the development and testing of North Korea’s nuclear and ballistic missile programs.”

Click below for my thoughts on this legislation and the three principles that I believe are important in considering our approach to North Korea.

“President Trump’s rhetoric on this issue has been counterproductive, inconsistent and reckless. We need to chart a careful course that does not escalate an already-dangerous situation and lead to catastrophic war with North Korea,” said Perlmutter.

Perlmutter recently sent a letter to President Trump urging him to adopt a strong, strategic, and steady policy toward North Korea.

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