SEC. 2. REPORT ON FINANCIAL SERVICES BENEFITTING 
STATE SPONSORS OF TERRORISM, HUMAN 
RIGHTS ABUSERS, AND CORRUPT OFFICIALS. 
Not later than 180 days after the date of the enact-
ment of this Act, and every 180 days thereafter, the Sec-
retary of the Treasury shall issue a report to the Com-
mittee on Financial Services of the House of Representa-
tives and the Committee on Banking, Housing, and Urban 
Affairs of the Senate that includes— 
(1) a copy of any license issued by the Sec-
retary in the preceding 180 days that authorizes a 
financial institution to provide financial services ben-
efitting a state sponsor of terrorism; and 
(2) a list of any foreign financial institutions 
that, in the preceding 180 days, knowingly con-
ducted a significant transaction or transactions, di-
rectly or indirectly, for a sanctioned person included 
on the Department of the Treasury’s Specially Des-
ignated Nationals And Blocked Persons List who— 
(A) is owned or controlled by, or acts on 
behalf of, the government of a state sponsor of 
terrorism; or 
(B) is designated pursuant to any of the 
following: 
(i) Section 404 of the Russia and 
Moldova Jackson-Vanik Repeal and Sergei 
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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 Account-
ability Act). 
(iii) Executive Order 13818. 
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 
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 Committee on Finan-
cial Services of the House of Representatives and 
the Committee on Banking, Housing, and Urban Af-
fairs of the Senate that the waiver is important to 
the national interest of the United States, with an 
explanation of the reasons therefor. 
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SEC. 4. DEFINITIONS. 
For purposes of this Act: 
(1) FINANCIAL
INSTITUTION.—The term ‘‘fi-
nancial institution’’ means a United States financial 
institution 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 
the meaning given the term ‘‘U.S. financial institu-
tion’’ under section 561.309 of title 31, Code of 
Federal 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. 
Æ 
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