Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Banking Transparency 
for Sanctioned Persons Act of 2018’’. 
SEC. 2. REPORT ON FINANCIAL SERVICES BENEFITTING 
STATE SPONSORS OF TERRORISM, HUMAN 
RIGHTS ABUSERS, AND CORRUPT OFFICIALS. 
(a) IN GENERAL.—Not later than 180 days after the 
date of the enactment of this Act, and every 180 days there-
after, the Secretary of the Treasury shall issue a report to 
the Committees on Financial Services and Foreign Affairs 
of the House of Representatives and the Committees on 
Banking, Housing, and Urban Affairs and Foreign Rela-
tions of the Senate that includes— 
(1) a copy of any license issued by the Secretary 
in the preceding 180 days that authorizes a financial 
institution to provide financial services benefitting a 
state sponsor of terrorism; and 
(2) a list of any foreign financial institutions 
that, in the preceding 180 days, knowingly conducted 
a significant transaction or transactions, directly or 
indirectly, for a sanctioned person included on the 
Department of the Treasury’s Specially Designated 
Nationals And Blocked Persons List who— 
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(A) is owned or controlled by, or acts on be-
half of, the government of a state sponsor of ter-
rorism; or 
(B) is designated pursuant to any of the fol-
lowing: 
(i) Section 404 of the Russia and 
Moldova Jackson-Vanik Repeal and Sergei 
Magnitsky Rule of Law Accountability Act 
of 2012 (Public Law 112-208). 
(ii) Subtitle F of title XII of the Na-
tional Defense Authorization Act for Fiscal 
Year 2017 (Public Law 114-328, the Global 
Magnitsky Human Rights Accountability 
Act). 
(iii) Executive Order 13818. 
(b) FORM OF REPORT.—The report required under 
subsection (a) shall be submitted in unclassified form but 
may contain a classified annex. 
SEC. 3. WAIVER. 
The Secretary of the Treasury may waive the require-
ments of section 2 with respect to a foreign financial insti-
tution described in paragraph (2) of such section— 
(1) upon receiving credible assurances that the 
foreign financial institution has ceased, or will immi-
nently cease, to knowingly conduct any significant 
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transaction or transactions, directly or indirectly, for 
a person described in subparagraph (A) or (B) of 
such paragraph (2); or 
(2) upon certifying to the Committees on Finan-
cial Services and Foreign Affairs of the House of Rep-
resentatives and the Committees on Banking, Hous-
ing, and Urban Affairs and Foreign Relations of the 
Senate that the waiver is important to the national 
interest of the United States, with an explanation of 
the reasons therefor. 
SEC. 4. DEFINITIONS. 
For purposes of this Act: 
(1) FINANCIAL INSTITUTION.—The term ‘‘finan-
cial institution’’ means a United States financial in-
stitution or a foreign financial institution. 
(2) FOREIGN FINANCIAL INSTITUTION.—The term 
‘‘foreign financial institution’’ has the meaning given 
that term under section 561.308 of title 31, Code of 
Federal Regulations. 
(3) 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. 
(4) UNITED STATES FINANCIAL INSTITUTION.— 
The term ‘‘United States financial institution’’ has 
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the meaning given the term ‘‘U.S. financial institu-
tion’’ under section 561.309 of title 31, Code of Fed-
eral Regulations. 
SEC. 5. SUNSET. 
The reporting requirement under this Act shall termi-
nate on the date that is the end of the 7-year period begin-
ning on the date of the enactment of this Act. 
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Union Calendar No. 767 
115TH CONGRESS 
2D SESSION 
H. R. 6751 
[Report No. 115–982] 
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. 
SEPTEMBER 26, 2018 
Reported with an amendment, committed to the Com-
mittee of the Whole House on the State of the Union, 
and ordered to be printed 
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