WASHINGTON, DC – This week Rep. Norma J. Torres (D-CA), a member of the House Committee on Foreign Affairs, will introduce the North Korea Follow the Money Act, a bill aimed at making sanctions against North Korea more effective in preventing the advancement of their nuclear weapons program by more accurately determining the regime’s revenue sources.
“The recent ballistic missile test launched by North Korea is undoubtedly a cause for concern for the global community and should compel the world to take action to stop this threat,” said Torres. “My bill will make sure that any sanctions imposed by Congress or the administration apply meaningful financial pressure to the North Korean regime and inhibit their ability to move forward with their increasingly aggressive actions.”
The North Korea Follow the Money Act would require the Director of National Intelligence, in coordination with the Secretary of State, to produce a national intelligence estimate of North Korean revenue sources. The estimate would include information regarding North Korean funding sources, financial and non-financial networks through which North Korea accesses United States and international financial systems, and global financial institutions that assist North Korea with financial transactions.
“While targeted sanctions might be an appropriate response to address the North Korean threat, such sanctions will only work if we’re able to specifically identify where North Korea obtains the revenue to fund their weapons program,“ continued Torres. “North Korea’s actions pose a threat to U.S. interests and global stability, and it is critical that we not only take action but that we are certain that the actions we take are as effective as possible.”
Torres has also offered this legislation in the form of an amendment to the National Defense Authorization Act. The House Committee on Rules will determine Tuesday evening if Torres’s amendment will proceed to the House floor for a vote.