IIB 

116TH CONGRESS 

1ST SESSION H. R. 1037 

IN THE SENATE OF THE UNITED STATES 

MAY 15, 2019 

Received; read twice and referred to the Committee on Banking, Housing, and 

Urban Affairs 

AN ACT 

To increase transparency with respect to financial services 

benefitting state sponsors of terrorism, human rights 

abusers, and corrupt officials, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 


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1 SECTION 1. SHORT TITLE. 

2 This Act may be cited as the ‘‘Banking Transparency 

3 for Sanctioned Persons Act of 2019’’. 

4 SEC. 2. REPORT ON FINANCIAL SERVICES BENEFITTING 

5 STATE SPONSORS OF TERRORISM, HUMAN 

6 RIGHTS ABUSERS, AND CORRUPT OFFICIALS. 

7 (a) IN GENERAL.—Not later than 180 days after the 

8 date of the enactment of this Act, and every 180 days 

9 thereafter, the Secretary of the Treasury shall issue a re10 port to the Committees on Financial Services and Foreign 

11 Affairs of the House of Representatives and the Commit12 tees on Banking, Housing, and Urban Affairs and Foreign 

13 Relations of the Senate that includes— 

14 (1) a copy of any license issued by the Sec15 retary in the preceding 180 days that authorizes a 

16 financial institution to provide financial services ben17 efitting a state sponsor of terrorism; and 

18 (2) a list of any foreign financial institutions 

19 that, in the preceding 180 days, knowingly con20 ducted a significant transaction or transactions, di21 rectly or indirectly, for a sanctioned person included 

22 on the Department of the Treasury’s Specially Des23 ignated Nationals And Blocked Persons List who— 

24 (A) is owned or controlled by, or acts on 

25 behalf of, the government of a state sponsor of 

26 terrorism; or 


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1 (B) is designated pursuant to any of the 

2 following: 

3 (i) Section 404 of the Russia and 

4 Moldova Jackson-Vanik Repeal and Sergei 

5 Magnitsky Rule of Law Accountability Act 

6 of 2012 (Public Law 112208). 

7 (ii) Subtitle F of title XII of the Na8 tional Defense Authorization Act for Fiscal 

9 Year 2017 (Public Law 114–328, the 

10 Global Magnitsky Human Rights Account11 ability Act). 

12 (iii) Executive Order No. 13818. 

13 (b) FORM OF REPORT.—The report required under 

14 subsection (a) shall be submitted in unclassified form but 

15 may contain a classified annex. 

16 SEC. 3. WAIVER. 

17 The Secretary of the Treasury may waive the require18 ments of section 2 with respect to a foreign financial insti19 tution described in paragraph (2) of such section— 

20 (1) upon receiving credible assurances that the 

21 foreign financial institution has ceased, or will immi22 nently cease, to knowingly conduct any significant 

23 transaction or transactions, directly or indirectly, for 

24 a person described in subparagraph (A) or (B) of 

25 such paragraph (2); or 


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1 (2) upon certifying to the Committees on Fi2 nancial Services and Foreign Affairs of the House of 

3 Representatives and the Committees on Banking, 

4 Housing, and Urban Affairs and Foreign Relations 

5 of the Senate that the waiver is important to the na6 tional interest of the United States, with an expla7 nation of the reasons therefor. 

8 SEC. 4. DEFINITIONS. 

9 For purposes of this Act: 

10 (1) FINANCIAL INSTITUTION.—The term ‘‘fi11 nancial institution’’ means a United States financial 

12 institution or a foreign financial institution. 

13 (2) FOREIGN FINANCIAL INSTITUTION.—The 

14 term ‘‘foreign financial institution’’ has the meaning 

15 given that term under section 561.308 of title 31, 

16 Code of Federal Regulations. 

17 (3) KNOWINGLY.—The term ‘‘knowingly’’ with 

18 respect to conduct, a circumstance, or a result, 

19 means that a person has actual knowledge, or should 

20 have known, of the conduct, the circumstance, or the 

21 result. 

22 (4) UNITED STATES FINANCIAL INSTITUTION.— 

23 The term ‘‘United States financial institution’’ has 

24 the meaning given the term ‘‘U.S. financial instituVerDate Sep 11 2014 03:08 May 16, 2019 Jkt 089200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\H1037.RFS H1037

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1 tion’’ under section 561.309 of title 31, Code of 

2 Federal Regulations. 

3 SEC. 5. SUNSET. 

4 The reporting requirement under this Act shall termi5 nate on the date that is the end of the 7-year period begin6 ning on the date of the enactment of this Act. 

Passed the House of Representatives May 14, 2019. 

Attest: CHERYL L. JOHNSON, 

Clerk. 


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