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

433 words·~2 min read·/bill/115/hr/3329/ih/section-102

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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 three years, the President shall submit to the appropriate congressional committees 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 13224 ( 50 U.S.C. 1701 note; relating to blocking property and prohibiting transactions with persons who commit, threaten to commit, or support terrorism) 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 the President should apply the sanctions contained in section 102 of the Hizballah International Financing Prevention Act with respect to foreign financial institutions that engage in prohibited activities described in such section with respect to any member of parliament or any cabinet official of the Lebanese Republic who is a member of Hizballah, or any affiliate of Hizballah.

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