Banking Transparency for Sanctioned Persons Act of 2019

Bill: 116-hr-1037
Sponsor: full_name: Rep. Riggleman, Denver [R-VA-5]
Introduced: 2019-02-07
Policy area: Finance and Financial Sector
Subjects: Bank accounts, deposits, capital

Congressional oversight

Diplomacy, foreign officials, Americans abroad

Financial services and investments

Foreign and international banking

Foreign property

Government ethics and transparency, public corruption

Human rights

Licensing and registrations

Russia

Sanctions

Terrorism
Latest action: action_date: 2019-05-15
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2019-02-07
action_desc: Introduced in House
text: <p><b>Banking Transparency for Sanctioned Persons Act of 2019 </b></p> <p>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. </p> <p>Treasury may waive these reporting requirements with respect to a foreign financial institution if </p> <ul> <li>the institution credibly assures Treasury that it will cease conducting transactions for such persons, or </li> <li>the waiver is important to the national interest. </li> </ul>

action_date: 2019-05-14
action_desc: Passed House
text: <p><b>Banking Transparency for Sanctioned Persons Act of 2019 </b></p> <p>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. </p> <p>Treasury may waive these reporting requirements with respect to a foreign financial institution if </p> <ul> <li>the institution credibly assures Treasury that it will cease conducting transactions for such persons, or </li> <li>the waiver is important to the national interest. </li> </ul>

tv_txt: I 116th CONGRESS 1st Session H. R. 1037 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. Short title This Act may be cited as the Banking Transparency for Sanctioned Persons Act of 2019 . 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. 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. 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. 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.

tv_txt: I 116th CONGRESS 1st Session H. R. 1037 IN THE HOUSE OF REPRESENTATIVES AN ACT To increase transparency with respect to financial services benefitting state sponsors of terrorism, human rights abusers, and corrupt officials, and for other purposes.

1. Short title This Act may be cited as the Banking Transparency for Sanctioned Persons Act of 2019 . 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 112208). (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 No. 13818. (b) Form of report The report required under subsection (a) shall be submitted in unclassified form but may contain a classified annex. 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. 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. 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.

Passed the House of Representatives May 14, 2019. Karen L. Haas, Clerk.

tv_txt: IIB 116th CONGRESS 1st Session H. R. 1037 IN THE SENATE OF THE UNITED STATES May 15, 2019 Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs AN ACT To increase transparency with respect to financial services benefitting state sponsors of terrorism, human rights abusers, and corrupt officials, and for other purposes.

1. Short title This Act may be cited as the Banking Transparency for Sanctioned Persons Act of 2019 . 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 112208). (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 No. 13818. (b) Form of report The report required under subsection (a) shall be submitted in unclassified form but may contain a classified annex. 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. 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. 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.

Passed the House of Representatives May 14, 2019. Cheryl L. Johnson, Clerk