Korean Interdiction and Modernization of Sanctions Act

[AI summary unavailable — showing source text] Korean Interdiction and Modernization of Sanctions Act This bill amends the North Korea Sanctions and Policy Enhancement Act of 2016 to modify and increase the President's authority to impose sanctions on persons in violation of certain U.N. Security Council resolutions regarding North Korea. The President shall report to Congress regarding: (1) measures to deny specialized financial messaging services to U.N.-designated North Korean financial institutions, (2) foreign countries whose seaports and airports fail to inspect or seize the cargo of North Korean ships or aircraft as required by Security Council resolutions, (3) North Korea-Iran weapons and nuclear cooperation, (4) foreign government implementation of Security Council resolutions regarding North Korea, and (5) whether North Korea is a state sponsor of terrorism. The bill requires U.S. financial institutions to ensure that no correspondent accounts are being used by foreign financial institutions to provide financial services indirectly to North Korea. A foreign government that provides defense articles or services to, or receives from, North Korea is prohibited from receiving certain types of U.S. foreign assistance. The …