I 

116TH CONGRESS 

1ST SESSION H. R. 1037 

To increase transparency with respect to financial services benefitting state 

sponsors of terrorism, human rights abusers, and corrupt officials, and 

for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

FEBRUARY 7, 2019 

Mr. RIGGLEMAN introduced the following bill; which was referred to the 

Committee on Financial Services 

A BILL 

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, 

3 SECTION 1. SHORT TITLE. 

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

5 for Sanctioned Persons Act of 2019’’. 


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1 SEC. 2. REPORT ON FINANCIAL SERVICES BENEFITTING 

2 STATE SPONSORS OF TERRORISM, HUMAN 

3 RIGHTS ABUSERS, AND CORRUPT OFFICIALS. 

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

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

6 thereafter, the Secretary of the Treasury shall issue a re7 port to the Committees on Financial Services and Foreign 

8 Affairs of the House of Representatives and the Commit9 tees on Banking, Housing, and Urban Affairs and Foreign 

10 Relations of the Senate that includes— 

11 (1) a copy of any license issued by the Sec12 retary in the preceding 180 days that authorizes a 

13 financial institution to provide financial services ben14 efitting a state sponsor of terrorism; and 

15 (2) a list of any foreign financial institutions 

16 that, in the preceding 180 days, knowingly con17 ducted a significant transaction or transactions, di18 rectly or indirectly, for a sanctioned person included 

19 on the Department of the Treasury’s Specially Des20 ignated Nationals And Blocked Persons List who— 

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

22 behalf of, the government of a state sponsor of 

23 terrorism; or 

24 (B) is designated pursuant to any of the 

25 following: 


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1 (i) Section 404 of the Russia and 

2 Moldova Jackson-Vanik Repeal and Sergei 

3 Magnitsky Rule of Law Accountability Act 

4 of 2012 (Public Law 112–208). 

5 (ii) Subtitle F of title XII of the Na6 tional Defense Authorization Act for Fiscal 

7 Year 2017 (Public Law 114–328, the 

8 Global Magnitsky Human Rights Account9 ability Act). 

10 (iii) Executive Order 13818. 

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

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

13 may contain a classified annex. 

14 SEC. 3. WAIVER. 

15 The Secretary of the Treasury may waive the require16 ments of section 2 with respect to a foreign financial insti17 tution described in paragraph (2) of such section— 

18 (1) upon receiving credible assurances that the 

19 foreign financial institution has ceased, or will immi20 nently cease, to knowingly conduct any significant 

21 transaction or transactions, directly or indirectly, for 

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

23 such paragraph (2); or 

24 (2) upon certifying to the Committees on Fi25 nancial Services and Foreign Affairs of the House of 


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1 Representatives and the Committees on Banking, 

2 Housing, and Urban Affairs and Foreign Relations 

3 of the Senate that the waiver is important to the na4 tional interest of the United States, with an expla5 nation of the reasons therefor. 

6 SEC. 4. DEFINITIONS. 

7 For purposes of this Act: 

8 (1) FINANCIAL INSTITUTION.—The term ‘‘fi9 nancial institution’’ means a United States financial 

10 institution or a foreign financial institution. 

11 (2) FOREIGN FINANCIAL INSTITUTION.—The 

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

13 given that term under section 561.308 of title 31, 

14 Code of Federal Regulations. 

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

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

17 means that a person has actual knowledge, or should 

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

19 result. 

20 (4) UNITED STATES FINANCIAL INSTITUTION.— 

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

22 the meaning given the term ‘‘U.S. financial institu23 tion’’ under section 561.309 of title 31, Code of 

24 Federal Regulations. 


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1 SEC. 5. SUNSET. 

2 The reporting requirement under this Act shall termi3 nate on the date that is the end of the 7-year period begin4 ning on the date of the enactment of this Act. 

Æ 


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