Sec. 5. Treasury reports on compliance, penalties, and technical assistance
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Not later than 120 days following the date of the enactment of this Act, and every 180 days thereafter, the Secretary of the Treasury shall submit a report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate that includes— a list of financial institutions that, in the period since the preceding report, knowingly facilitated a significant transaction or transactions or provided significant financial services for a covered person; a list of any penalties imposed under section 3 in the period since the preceding report; and a description of efforts by the Department of the Treasury in the period since the preceding report, through consultations, technical assistance, or other appropriate activities, to strengthen the capacity of financial institutions and foreign governments to prevent the provision of financial services benefitting any covered person.
The report required under paragraph
(1)shall be submitted in unclassified form but may contain a classified annex. The unclassified portion of such report shall be made available to the public and posted on the website of the Department of the Treasury. The report requirement under this subsection shall terminate after the end of the 5-year period beginning on the date of enactment of this Act. Upon request of the Committee on Financial Services of the House of Representatives or the Committee on Banking, Housing, and Urban Affairs of the Senate, the Under Secretary of the Treasury for Terrorism and Financial Intelligence shall testify to explain the effects of this Act, and the amendments made by this Act, on North Korea’s access to illicit finance channels. Title XVI of the International Financial Institutions Act ( 22 U.S.C. 262p et seq.) is amended by adding at the end the following: The Secretary of the Treasury shall instruct the United States Executive Director at the International Monetary Fund to support the increased use of the administrative budget of the Fund for technical assistance that strengthens the capacity of Fund members to prevent money laundering and the financing of terrorism. . The Chairman of the National Advisory Council on International Monetary and Financial Policies shall include in the report required by section 1701 of the International Financial Institutions Act ( 22 U.S.C. 262r ) a description of— the activities of the International Monetary Fund in the most recently completed fiscal year to provide technical assistance that strengthens the capacity of Fund members to prevent money laundering and the financing of terrorism, and the effectiveness of the assistance; and the efficacy of efforts by the United States to support such technical assistance through the use of the Fund’s administrative budget, and the level of such support. Effective on the date that is the end of the 4-year period beginning on the date of enactment of this Act, section 1629 of the International Financial Institutions Act, as added by subsection (c), is repealed.
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