(f) REGULATIONS.— 
(1) IN
GENERAL.—The President shall, not 
later than 180 days after the date of the enactment 
of this Act, prescribe regulations as necessary for 
the implementation of this Act. 
(2) NOTIFICATION
TO
CONGRESS.—Not later 
than 10 days before the prescription of regulations 
under paragraph (1), the President shall notify the 
appropriate congressional committees regarding the 
proposed regulations and the provisions of this Act 
that the regulations are implementing. 
(g) IMPLEMENTATION.—The President may exercise 
all authorities provided under sections 203 and 205 of the 
International Emergency Economic Powers Act (50 
U.S.C. 1702 and 1704) to carry out this Act. 
(h) PENALTIES.—The penalties provided for in sub-
sections (b) and (c) of section 206 of the International 
Emergency Economic Powers Act (50 U.S.C. 1705) shall 
apply to a person that violates, attempts to violate, con-
spires to violate, or causes a violation of regulations pre-
scribed to carry out this Act to the same extent that such 
penalties apply to a person that commits an unlawful act 
described in subsection (a) of such section 206. 
(i) TERMINATION
OF SANCTIONS.—The President 
may terminate the application of sanctions under this sec-
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tion with respect to a foreign person if the President deter-
mines and reports to the appropriate congressional com-
mittees not later than 15 days before the termination of 
the sanctions that— 
(1) credible information exists that the foreign 
person did not engage in the activity for which sanc-
tions were imposed; 
(2) the foreign person has been prosecuted and 
sentenced appropriately for the activity for which 
sanctions were imposed; or 
(3) the foreign person has credibly dem-
onstrated a significant change in behavior, has paid 
an appropriate consequence for the activity for 
which sanctions were imposed, and has credibly com-
mitted to not engage in an activity described in sub-
section (a)(1) in the future. 
SEC. 4. CODIFICATION OF SANCTIONS RELATING TO THE 
WESTERN BALKANS. 
(a) IN GENERAL.—Each sanction imposed through 
Executive orders described in subsection (b), including 
each sanction imposed with respect to a person under such 
an Executive order, as of the date of the enactment of 
this Act, shall remain in effect, except as provided in sub-
section (c). 
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(b) EXECUTIVE ORDERS SPECIFIED.—The Executive 
orders specified in this subsection are— 
(1) Executive Order 13219 (50 U.S.C. 1701 
note; relating to blocking property of persons who 
threaten international stabilization efforts in the 
Western Balkans), as in effect on the date of the en-
actment of this Act; and 
(2) Executive Order 14033 (50 U.S.C. 1701 
note; relating to blocking property and suspending 
entry into the United States of certain persons con-
tributing to the destabilizing situation in the West-
ern Balkans), as in effect on such date of enact-
ment. 
(c) TERMINATION OF SANCTIONS.—The President 
may terminate the application of a sanction described in 
subsection (a) with respect to a person if the President 
certifies to the appropriate congressional committees 
that— 
(1) such person— 
(A) is not engaging in the activity that was 
the basis for such sanctions; or 
(B) has taken significant verifiable steps 
toward stopping such activity; and 
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(2) the President has received reliable assur-
ances that such person will not knowingly engage in 
activity subject to such sanctions in the future. 
SEC. 5. CONSIDERATION OF CERTAIN INFORMATION IN IM-
POSING SANCTIONS. 
Not later than 60 days after receiving a request from 
the chairman and ranking member of one of the appro-
priate congressional committees with respect to whether 
a person, foreign person, or foreign financial institution, 
as the case may be, meets the criteria of a person de-
scribed in section 3 or a person described in Executive 
Order 13219 or Executive Order 14033 as provided for 
in section 4(b), or any Executive order issued pursuant 
to this Act or under the Balkans regulatory regime, the 
President shall— 
(1) determine if the person, foreign person, or 
foreign financial institution, as the case may be, 
meets such criteria; and 
(2) submit a classified or unclassified report to 
such chairman and ranking member with respect to 
such determination that includes a statement of 
whether or not the President imposed or intends to 
impose sanctions with respect to such person, for-
eign person, or foreign financial institution. 
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SEC. 6. DEFINITIONS. 
In this Act: 
(1) ADMITTED; ALIEN.—The terms ‘‘admitted’’ 
and ‘‘alien’’ have the meanings given those terms in 
section 101 of the Immigration and Nationality Act 
(8 U.S.C. 1101). 
(2) APPROPRIATE
CONGRESSIONAL
COMMIT-
TEES.—The term ‘‘appropriate congressional com-
mittees’’ means— 
(A) the Committee on Foreign Affairs and 
the Committee on Financial Services of the 
House of Representatives; and 
(B) the Committee on Foreign Relations 
and the Committee on Banking, Housing, and 
Urban Affairs of the Senate. 
(3) 
CORRESPONDENT
ACCOUNT; 
PAYABLE- 
THROUGH ACCOUNT.—The terms ‘‘correspondent ac-
count’’ and ‘‘payable-through account’’ have the 
meanings given those terms in section 5318A of title 
31, United States Code. 
(4) DAYTON
PEACE
AGREEMENT.—The term 
‘‘Dayton Peace Agreement’’, also known as the 
‘‘Dayton Accords’’, means the General Framework 
Agreement for Peace in Bosnia and Herzegovina, 
initialed by the parties in Dayton, Ohio, on Novem-
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ber 21, 1995, and signed in Paris on December 14, 
1995. 
(5) FOREIGN
FINANCIAL
INSTITUTION.—The 
term ‘‘foreign financial institution’’ has the meaning 
of that term as determined by the Secretary of the 
Treasury by regulation. 
(6) FOREIGN PERSON.—The term ‘‘foreign per-
son’’ means a person that is not a United States 
person. 
(7) ILLEGAL
PARALLEL
INSTITUTION.—The 
term ‘‘illegal parallel institution’’ means an agency, 
structure, or instrumentality at the Republika 
Srpska entity level that disrupts the authority of the 
state-level institutions of Bosnia and Herzegovina 
and undermines its constitutional order. 
(8) KNOWINGLY.—The term ‘‘knowingly’’, with 
respect to conduct, a circumstance, or a result, 
means that a person has actual knowledge, or should 
have known, of the conduct, the circumstance, or the 
result. 
(9) PERSON.—The term ‘‘person’’ means an in-
dividual or entity. 
(10) UNITED
STATES
PERSON.—The term 
‘‘United States person’’ means— 
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(A) a United States citizen or an alien law-
fully admitted to the United States for perma-
nent residence; 
(B) an entity organized under the laws of 
the United States or any jurisdiction within the 
United States, including a foreign branch of 
such an entity; or 
(C) any person in the United States. 
Æ 
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