{"identifier":"/us/usc/t22/s9221c","title":22,"num":"\u00a7\u202f9221c.","heading":"Prohibition on transactions with certain sanctioned persons by persons owned or controlled by United States financial institutions","text":"\u00a7\u202f9221c.\nProhibition on transactions with certain sanctioned persons by persons owned or controlled by United States financial institutions\n(a)\nIn general\nNot later than 180 days after\n(1) subsection (a), (b), or (g) of\nsection 9214 of this title\n(2) an applicable Executive order; or\n(3) an applicable United Nations Security Council resolution.\n(b)\nTransactions described\nA transaction described in this subsection is a transaction that would be prohibited by an order or regulation issued pursuant to the International Emergency Economic Powers Act (\n50 U.S.C. 1701\n(c)\nCivil penalties\nThe civil penalty provided for in section 206(b) of the International Emergency Economic Powers Act (\n50 U.S.C. 1705(b)\n(d)\nUnited States financial institution defined\nIn this section, the term \u201cUnited States financial institution\u201d has the meaning given the term \u201cU.S. financial institution\u201d in section 510.328 of title 31, Code of Federal Regulations (or any corresponding similar regulation or ruling).","url":"https://projectusc.org/usc/t22/s9221c.html","content":[{"t":"sec","id":"/us/usc/t22/s9221c","children":[{"t":"num","text":"\u00a7\u202f9221c."},{"t":"heading","text":"Prohibition on transactions with certain sanctioned persons by persons owned or controlled by United States financial institutions"},{"t":"subsec","id":"/us/usc/t22/s9221c/a","children":[{"t":"num","text":"(a)"},{"t":"heading","text":"In general"},{"t":"chapeau","text":"Not later than 180 days after ","children":[{"t":"text","text":"December 20, 2019","tail":", the Secretary of the Treasury, in consultation with the Secretary of State, shall prohibit an entity owned or controlled by a United States financial institution and established or maintained outside the United States from knowingly engaging in any transaction described in subsection (b) directly or indirectly with the Government of North Korea or any person designated for the imposition of sanctions with respect to North Korea under\u2014"}]},{"t":"para","id":"/us/usc/t22/s9221c/a/1","children":[{"t":"num","text":"(1)"},{"t":"content","text":" subsection (a), (b), or (g) of ","children":[{"t":"ref","text":"section 9214 of this title","href":"/us/usc/t22/s9214","tail":";"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t22/s9221c/a/2","children":[{"t":"num","text":"(2)"},{"t":"content","text":" an applicable Executive order; or","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t22/s9221c/a/3","children":[{"t":"num","text":"(3)"},{"t":"content","text":" an applicable United Nations Security Council resolution.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t22/s9221c/b","children":[{"t":"num","text":"(b)"},{"t":"heading","text":"Transactions described"},{"t":"content","children":[{"t":"p","text":"A transaction described in this subsection is a transaction that would be prohibited by an order or regulation issued pursuant to the International Emergency Economic Powers Act (","children":[{"t":"ref","text":"50 U.S.C. 1701","href":"/us/usc/t50/s1701","tail":" et seq.) if the transaction were engaged in in the United States or by a United States person."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t22/s9221c/c","children":[{"t":"num","text":"(c)"},{"t":"heading","text":"Civil penalties"},{"t":"content","children":[{"t":"p","text":"The civil penalty provided for in section 206(b) of the International Emergency Economic Powers Act (","children":[{"t":"ref","text":"50 U.S.C. 1705(b)","href":"/us/usc/t50/s1705/b","tail":") shall apply to a United States financial institution to the same extent that such penalty applies to a person that commits an unlawful act described in section 206(a) of that Act if an entity owned or controlled by the United States financial institution and established or maintained outside the United States violates, attempts to violate, conspires to violate, or causes a violation of any order or regulation issued to implement subsection (a)."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t22/s9221c/d","children":[{"t":"num","text":"(d)"},{"t":"heading","text":"United States financial institution defined"},{"t":"content","children":[{"t":"p","text":"In this section, the term \u201cUnited States financial institution\u201d has the meaning given the term \u201cU.S. financial institution\u201d in section 510.328 of title 31, Code of Federal Regulations (or any corresponding similar regulation or ruling).","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"text","text":"\n"},{"t":"text","text":"\n"}]}]}