Sec. 19003. Waiver
117 words·~1 min read·
/bill/116/hr/6395/pcs/section-19003·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Secretary of the Treasury may waive the requirements of section 19002 with respect to a foreign financial institution described in paragraph
(2)of such section— upon receiving credible assurances that the foreign financial institution has ceased, or will imminently cease, to knowingly conduct any significant transaction or transactions, directly or indirectly, for a person described in subparagraph
(A)or
(B)of such paragraph (2); or upon certifying 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 the waiver is important to the national interest of the United States, with an explanation of the reasons therefor.