H. Rept. 115-982 1 (2018-09-26)

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                      115TH CONGRESS                                            REPORT
                         2d Session      HOUSE OF REPRESENTATIVES               115-982







                         BANKING TRANSPARENCY FOR SANCTIONED PERSONS
                                                  ACT OF 2018



                        SEPTEMBER 26, 2018.-Committed to the Committee of the Whole House on the
                                      State of the Union and ordered to be printed



                         Mr. HENSARLING, from the Committee on Financial Services,
                                            submitted the following


                                                REPORT

                                              [To accompany H.R. 6751]

                        The Committee on Financial Services, to whom was referred the
                     bill (H.R. 6751) to increase transparency with respect to financial
                     services benefitting state sponsors of terrorism, human rights abus-
                     ers, and corrupt officials, and for other purposes, having considered
                     the same, report favorably thereon with an amendment and rec-
                     ommend that the bill as amended do pass.
                        The amendment is as follows:
                        Strike all after the enacting clause and insert the following:
                     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 thereafter, the Secretary of the Treasury shall issue a re-
                     port 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 indi-
                         rectly, 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).
                         79-006

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