text: SECTION 1. SHORT TITLE.
  
      This Act may be cited as the ``Block Access to North Korea Act of 
  2016'' or ``BANK Act of 2016''.
  
  SEC. 2. FINDINGS.
  
      Congress finds the following:
              (1) North Korea continues to develop a ballistic missile 
          and nuclear weapons program, despite numerous United States and 
          international sanctions, including United Nations Security 
          Council Resolutions 1695, 1718, 1874, 2087, 2094, and 2270, 
          among others.
              (2) North Korea tested its fifth and largest nuclear device 
          on September 9, 2016.
              (3) North Korea has increased the pace of its missile 
          testing, including the test of a submarine-launched ballistic 
          missile, potentially furthering the development of a second-
          strike capability.
              (4) North Korea has persistently demonstrated an 
          unwillingness to meaningfully negotiate with the United States 
          regarding denuclearization.
              (5) By its actions and continued investments in its nuclear 
          program, it is clear that the Government of North Korea has no 
          intention to reduce or eliminate its nuclear weapons program.
              (6) Specialized financial messaging services allow for 
          messaging and contact, including the transfer of funds, between 
          financial institutions.
              (7) The Central Bank of the Democratic People's Republic of 
          Korea and certain other financial institutions are currently 
          able to avail themselves to financial messaging systems which 
          could be used in funding the North Korean nuclear program.
              (8) Experts link North Korea to the hacking of specialized 
          financial messaging institutions, resulting in the theft of 
          $81,000,000 from the central bank of Bangledesh.
              (9) North Korean provocations continue to endanger its 
          citizens, those of United States allies, and those of 
          Americans.
  
  SEC. 3. SENSE OF CONGRESS.
  
      It is the sense of Congress that--
              (1) providers of specialized financial messaging services 
          are a critical link to the international financial system;
              (2) directly providing specialized financial messaging 
          services to, or enabling or facilitating direct or indirect 
          access to such messaging services for, any financial 
          institution is inconsistent with paragraph 11 of the United 
          Nations Security Council Resolution 2094; and
              (3) the United States reaffirms its commitment to its 
          allies in the region, including the Republic of Korea and 
          Japan, which are directly threatened by North Korea.
  
  SEC. 4. AUTHORIZATION OF IMPOSITION OF SANCTIONS WITH RESPECT TO THE 
                PROVISION OF SPECIALIZED FINANCIAL MESSAGING SERVICES TO 
                THE CENTRAL BANK OF THE DEMOCRATIC PEOPLE'S REPUBLIC OF 
                KOREA AND CERTAIN OTHER FINANCIAL INSTITUTIONS AND 
                SANCTIONED PERSONS.
  
      (a) In General.--The President shall impose sanctions pursuant to 
  the International Emergency Economic Powers Act (50 U.S.C. 1701 et 
  seq.) with respect to a person if, on or after the date that is 90 days 
  after the date of the enactment of this Act, the person continues to 
  knowingly and directly provide specialized financial messaging services 
  to, or knowingly enable or facilitate direct or indirect access to such 
  messaging services for--
              (1) the Central Bank of the Democratic People's Republic of 
          Korea;
              (2) a financial institution that facilitates any 
          transaction or transactions or provides significant financial 
          services for nuclear development or proliferation for or on 
          behalf of North Korea; or
              (3) a person identified on the list of specially designated 
          nationals and blocked persons maintained by the Office of 
          Foreign Assets Control of the Department of the Treasury by 
          reason of assisting the nuclear development or proliferation 
          efforts of North Korea.
      (b) Waiver.--The President may waive the requirement to impose 
  sanctions with respect to a person under subsection (a) if--
              (1) the person is subject to a sanctions regime under its 
          governing foreign law that requires it to eliminate the knowing 
          provision of such messaging services to, and the knowing 
          enabling and facilitation of direct or indirect access to such 
          messaging services for, the Central Bank of the Democratic 
          People's Republic of Korea, any financial institution described 
          in subsection (a)(2), and any person described in subsection 
          (a)(3);
              (2) the person has, pursuant to that sanctions regime, 
          terminated the knowing provision of such messaging services to, 
          and the knowing enabling and facilitation of direct or indirect 
          access to such messaging services for, the Central Bank of the 
          Democratic People's Republic of Korea, any financial 
          institution described in subsection (a)(2), and any person 
          described in subsection (a)(3); and
              (3) the President determines that such a waiver is in the 
          national interest of the United States.
      (c) Clarification.--For purposes of this section, enabling or 
  facilitating direct or indirect access to specialized financial 
  messaging services for the Central Bank of the Democratic People's 
  Republic of Korea, a financial institution described in subsection 
  (a)(2), or a person described in subsection (a)(3) includes doing so by 
  serving as an intermediary financial institution with access to such 
  messaging services.
target: Block Access to North Korea Act of 2016 or BANK Act of 2016 This bill requires the President to impose sanctions pursuant to the International Emergency Economic Powers Act, with specified waiver authority, against a person that continues to knowingly and directly provide specialized financial messaging services to, or to knowingly enable or facilitate access to such messaging services for:   the Central Bank of the Democratic People's Republic of Korea (North Korea),  a financial institution that facilitates any transaction or provides significant financial services for nuclear development or proliferation on North Korea's behalf, or  a person identified on the list of specially designated nationals and blocked persons maintained by the Department of the Treasury's Office of Foreign Assets Control for assisting North Korea's nuclear development or proliferation efforts. 
feat_title: BANK Act of 2016