Sec. 5. Imposition of sanctions with respect to financial institutions that facilitate transactions for Turkish Armed Forces
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/bill/116/s/2644/pcs/section-5·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
On and after the date of the enactment of this Act, the President shall— impose the sanctions described in section 4(c) with respect to Turkiye Halk Bankasi AS or any successor entity; and prohibit any United States person from engaging in any transaction with Turkiye Halk Bankasi AS or any successor entity. If the Secretary of the Treasury, in consultation with the Secretary of State, the Secretary of Defense, and the Director of National Intelligence, determines that any foreign financial institution (other than a financial institution specified in subsection (a)), has knowingly facilitated transactions for Turkish Armed Forces or defense industry in Turkey relating to the military operations of Turkey in Syria, the President shall, not later than 60 days after that determination— impose the sanctions described in section 4(c) with respect to that financial institution; and prohibit any United States person from engaging in any transaction with that financial institution.