Sec. 102. Modification of report with respect to financial institutions that engage in certain transactions

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Subsection

(d)of section 102 of the Hizballah International Financing Prevention Act of 2015 ( Public Law 114–102 ; 50 U.S.C. 1701 note) is amended to read as follows: Not later than 90 days after the date of the enactment of the Hizballah International Financing Prevention Amendments Act of 2017 , and annually thereafter for a period not to exceed 3 years, the President shall submit to the appropriate congressional committees and the Committee on Appropriations of the House of Representatives and the Committee on Appropriations of the Senate a report that— identifies each foreign financial institution described in paragraph

(2)that the President determines engages in one or more activities described in subsection (a)(2); provides a detailed description of each such activity; and contains a determination with respect to each such foreign financial institution that is identified under subparagraph

(A)as engaging in one or more activities described in subsection (a)(2) as to whether or not such foreign financial institution is in violation of Executive Order No. 13224 ( 50 U.S.C. 1701 note; relating to blocking property and prohibiting transactions with persons who commit, threaten to commit, or support terrorism) or section 2339B of title 18, United States Code, by reason of engaging in one or more such activities. A foreign financial institution described in this paragraph is a foreign financial institution— that, wherever located, is— organized under the laws of a state sponsor of terrorism or any jurisdiction within a state sponsor of terrorism; owned or controlled by the government of a state sponsor of terrorism; located in the territory of a state sponsor of terrorism; or owned or controlled by a foreign financial institution described in subclause (I), (II), or (III); and the capitalization of which exceeds $10,000,000. In this paragraph, the term state sponsor of terrorism means a country the government of which the Secretary of State has determined is a government that has repeatedly provided support for acts of international terrorism for purposes of— section 6(j) of the Export Administration Act of 1979 ( 50 U.S.C. 4605(j) ) (as continued in effect pursuant to the International Emergency Economic Powers Act ( 50 U.S.C. 1701 et seq.)); section 620A of the Foreign Assistance Act of 1961 ( 22 U.S.C. 2371 ); section 40 of the Arms Export Control Act ( 22 U.S.C. 2780 ); or any other provision of law. . It is the sense of the Congress that— all countries should designate the entirety of Hizballah as a terrorist organization; and the notion of separate Hizballah political and military wings is an artificial construct that attempts to legitimize Hizballah members of parliament and Hizballah cabinet officials who are complicit in Hizballah’s use of violence and coercion against its political opponents. Clause

(ii)of section 102(f)(1)(E) of the Hizballah International Financing Prevention Act of 2015 ( Public Law 114–102 ; 50 U.S.C. 1701 note) is amended— by striking

(I)and inserting (I)(aa) ; by striking

(II)and inserting

(bb); by striking of Hizballah. and inserting of Hizballah; or ; and by adding at the end the following: who the President determines is an agent or affiliate of, or is owned or controlled by Hizballah. . Not later than 120 days after the date of the enactment of this Act, the President shall transmit to the appropriate congressional committees a report that contains a description of any sanctions described in section 102 of the Hizballah International Financing Prevention Act of 2015 ( Public Law 114–102 ; 50 U.S.C. 1701 note) apply with respect to a foreign financial institution by reason of engaging in an activity described in subsection (a)(2) of such section with a member of the Lebanese parliament or any cabinet official of the Lebanese Republic who is a member of Hizballah or identifies as such. The report required by this subsection shall be transmitted in unclassified form but may include a classified annex. In this subsection, the term appropriate congressional committees means— the Committee on Foreign Affairs, the Committee on Appropriations, the Permanent Select Committee on Intelligence, and the Committee on Financial Services of the House of Representatives; and the Committee on Foreign Relations, the Committee on Appropriations, the Select Committee on Intelligence, and the Committee on Banking, Housing, and Urban Affairs of the Senate.

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