; North Korean financial institution; North Korean person The terms applicable United Nations Security Council resolution , North Korean financial institution , and North Korean person have the meanings given those terms in section 3 of the North Korea Sanctions and Policy Enhancement Act of 2016 ( 22 U.S.C. 9202 ). . 117. Report on use by the Government of North Korea of beneficial ownership rules to access the international financial system (a) In general Not later than 180 days after the date of the enactment of this Act, the Secretary of the Treasury shall submit to the appropriate congressional committees a report setting forth the findings of the Secretary regarding how the Government of North Korea is exploiting laws with respect to the beneficial owner of an entity in order to access the international financial system. (b) Elements The Secretary shall include in the report required under subsection (a) proposals for such legislative and administrative action as the Secretary considers appropriate to combat the abuse by the Government of North Korea of shell companies and other similar entities to avoid or evade sanctions. (c) Form The report required by subsection (a) shall be submitted in unclassified form but may include a classified annex. (d) Beneficial owner defined (1) In general In this section, the term beneficial owner — (A) means, with respect to an entity, each natural person who, directly or indirectly— (i) exercises control over the entity through ownership interests, voting rights, agreements, or otherwise; or (ii) has an interest in or receives substantial economic benefits from the assets of the entity; and (B) does not include, with respect to an entity— (i) a minor child; (ii) a person acting as a nominee, intermediary, custodian, or agent on behalf of another person; (iii) a person acting solely as an employee of the entity and whose control over or economic benefits from the entity derives solely from the employment status of the person