The U.S. House Financial Services Committee is considering introducing a bill that seeks to apply sanctions on foreign financial institutions that do business with North Korean financial bodies.
 
The Voice of America said Friday that the committee is going over details of the bill called, “Impeding North Korea's Access to Finance Act of 2017,” as part of efforts to block the North’s access to the international financial system.
 
The draft bill proposes that the Treasury secretary prescribe regulations to prohibit or limit the opening in the U.S. of a correspondent account or a payable-through account by a foreign financial institution that facilitated a significant transaction for any North Korean financial institution or any North Korean person that facilitates the transfer of bulk cash or covered goods in violation of UN Security Council resolutions.
 
The draft stipulates that the Treasury secretary prescribe such regulations no later than 45 days after the date of the enactment of the Act.

[Photo : ]