Following threats from North Korea, Congresswoman Mia Love cosponsored bipartisan legislation to impose strong new financial sanctions against North Korea.
The Impeding North Korea’s Access to Finance Act of 2017 (H.R. 3898) would target foreign banks that transact with any businesses in North Korea, and punish institutions that do business with North Korean laborers, many of whom are sent abroad to collect cash. A majority of their wages are confiscated by the North Korean government, bringing in an estimated $300 million each year to the oppressive regime.
“Congress cannot afford to wait around and see what happens with North Korea,” Rep. Love said. “We have a Constitutional responsibility to keep our nation safe. None of us want to see lives lost because of the maniacal desires of Kim Jong Un. We must act swiftly to ensure we’re doing everything we can to rein in the tyrannical North Korean regime. This is an important step in doing that.”
Congresswoman Love serves on the Financial Services Subcommittee on Terrorism and Illicit Finance, which focuses, in part, on cutting off financing to dangerous leaders and organizations.