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)]
<DOC>
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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Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
Ms. Waters moved to suspend the rules and pass the bill.
Considered under suspension of the rules. (consideration: CR H3769-3770)
DEBATE - The House proceeded with forty minutes of debate on H.R. 1037.
Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote.(text: CR H3769)
On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H3769)
Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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