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Code · BILL · 114th Congress · S. 2377 (Introduced in Senate) — To defeat the Islamic State of Iraq and Syria (ISIS) and protect and secure the United States, and for other purposes. · Sec. 122

Sec. 122. Sanctions with respect to financial institutions that engage in certain transactions that benefit the Islamic State of Iraq and Syria

624 words·~3 min read·/bill/114/s/2377/is/section-122·

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The President may prohibit, or impose strict conditions on, the opening or maintaining in the United States of a correspondent account or a payable-through account by a foreign financial institution that the President determines engages in an activity described in subsection
(b)on or after the date of the enactment of this Act. A foreign financial institution engages in an activity described in this subsection if the foreign financial institution— knowingly facilitates a significant transaction or transactions for ISIS; knowingly facilitates a significant transaction or transactions of a person that is identified on the specially designated nationals list and the property and interests in property of which are blocked pursuant to the International Emergency Economic Powers Act ( 50 U.S.C. 1701 et seq. ) for acting on behalf of or at the direction of, or being owned or controlled by, ISIS; knowingly engages in money laundering to carry out an activity described in paragraph
(1)or (2); or knowingly facilitates a significant transaction or transactions or provides significant financial services to carry out an activity described in paragraph (1), (2), or (3). The penalties provided for in subsections
(b)and
(c)of section 206 of the International Emergency Economic Powers Act ( 50 U.S.C. 1705 ) shall apply to a person that violates, attempts to violate, conspires to violate, or causes a violation of regulations prescribed under this section to the same extent that such penalties apply to a person that commits an unlawful act described in subsection
(a)of such section 206. If a finding under this section, or a prohibition or condition imposed as a result of any such finding, is based on classified information (as defined in section 1(a) of the Classified Information Procedures Act (18 U.S.C. App.)) and a court reviews the finding or the imposition of the prohibition or condition, the President may submit such information to the court ex parte and in camera. Nothing in this subsection shall be construed to confer or imply any right to judicial review of any finding under this section or any prohibition or condition imposed as a result of any such finding. The President may exercise all authorities provided under sections 203 and 205 of the International Emergency Economic Powers Act (50 U.S.C. 1702 and 1704) to carry out this section. In this section: The terms account , correspondent account , and payable-through account have the meanings given those terms in section 5318A of title 31, United States Code. The term financial institution means a financial institution specified in subparagraph (A), (B), (C), (D), (E), (F), (G), (H), (I), (J), (K), (M), (N), (P), (R), (T), (Y), or
(Z)of section 5312(a)(2) of title 31, United States Code. The term foreign financial institution has the meaning given that term in section 1010.605 of title 31, Code of Federal Regulations. The term ISIS means— the entity known as the Islamic State of Iraq and Syria and designated by the Secretary of State as a foreign terrorist organization pursuant to section 219 of the Immigration and Nationality Act ( 8 U.S.C. 1189 ); or any person— the property or interests in property of which are blocked pursuant to the International Emergency Economic Powers Act ( 50 U.S.C. 1701 et seq. ); and who is identified on the specially designated nationals list as an agent, instrumentality, or affiliate of the entity described in subparagraph (A). The term money laundering includes the movement of illicit cash or cash equivalent proceeds into, out of, or through a country, or into, out of, or through a financial institution. The term specially designated nationals list means the list of specially designated nationals and blocked persons maintained by the Office of Foreign Assets Control of the Department of the Treasury.
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Sec. 122
Sanctions with respect to financial institutions that engage in certain transactions that benefit the Islamic State of Iraq and Syria
U.S.C.§ 1701
U.S.C.§ 1705
U.S.C.§ 1702
U.S.C.§ 1189
Cites 4Cited by 0 across 0 sources
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