Title: Banking Transparency for Sanctioned Persons Act of 2019
Policy area: Finance and Financial Sector

Summary:
Banking Transparency for Sanctioned Persons Act of 2019
This bill requires the Department of the Treasury to report semiannually on financial services provided to benefit a state sponsor of terrorism or specified sanctioned persons.
Treasury may waive these reporting requirements with respect to a foreign financial institution if

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1037 Introduced in House (IH)]

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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.

    Be it enacted by the Senate and House of Representatives 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 2019''.

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 thereafter, 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 Relations 
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--
                    (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 Magnitsky Rule 
                        of Law Accountability Act of 2012 (Public Law 
                        112-208).
                            (ii) Subtitle F of title XII of the 
                        National 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 requirements of section 
2 with respect to a foreign financial institution described in 
paragraph (2) of such section--
            (1) upon receiving credible assurances that the foreign 
        financial institution has ceased, or will imminently 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 Committees on Financial Services 
        and Foreign Affairs of the House of Representatives and the 
        Committees on Banking, Housing, 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 ``financial 
        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 institution'' under section 561.309 of title 
        31, Code of Federal Regulations.

SEC. 5. SUNSET.

    The reporting requirement under this Act shall terminate on the 
date that is the end of the 7-year period beginning on the date of the 
enactment of this Act.
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