Sec. 2. Report on financial institutions and accounts connected to certain Chinese government officials
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Not later than 90 days after the date that the President, pursuant to section 3(c) of the Taiwan Relations Act ( 22 U.S.C. 3302(c) ), informs the Congress of a threat resulting from actions of the People’s Republic of China and any danger to the interests of the United States arising therefrom, and annually thereafter for 3 years, the Secretary of the Treasury shall submit a report to the appropriate Members of Congress containing the following: With respect to each of at least 10 natural persons described under subsection (b), at least 1 of whom is a natural person listed under paragraph
(1)of such subsection
(b)and at least 1 of whom is a natural person listed under paragraph
(2)of such subsection (b), the estimated total funds that are held in financial institutions and are under direct or indirect control by such natural person and a description of such funds. A list of any financial institutions that— maintain an account in connection with significant funds described in subparagraph (A); or otherwise provide significant financial services to a natural person covered by the report. Not later than 30 days after submitting a report described under paragraph (1), the Secretary of the Treasury, or a designee of the Secretary, shall provide to the appropriate Members of Congress an unclassified or classified briefing (as determined appropriate by the Secretary) on the funds covered by the report, including a description of how the funds were acquired, and any illicit or corrupt means employed to acquire or use the funds. The requirements described under paragraph
(1)may not be applied with respect to a natural person or a financial institution, as the case may be, if the President determines: The funds described under paragraph (1)(A) were primarily acquired through legal and noncorrupt means. The natural person has agreed to provide significant cooperation to the United States for an important national security purpose with respect to China. A financial institution has agreed to— no longer maintain an account described under paragraph (1)(B)(i); no longer provide significant financial services to a natural person covered by the report; or provide significant cooperation to the United States for an important national security purpose with respect to China. The President may waive any requirement described under paragraph
(1)with respect to a natural person or a financial institution upon reporting to the appropriate Members of Congress that— the waiver would substantially promote the objective of ending the threat described under paragraph (1); the threat described under paragraph
(1)is no longer present; or the waiver is essential to the national security interests of the United States. The natural persons described in this subsection are persons who, at the time of a report, are the following: A member of the Politburo Standing Committee of the Chinese Communist Party. A member of the Politburo of the Chinese Communist Party that is not described under paragraph (1). A member of the Central Committee of the Chinese Communist Party that— is none of the foregoing; and performs any official duty that directly or indirectly affects Taiwan. The reports required under paragraphs
(1)and
(4)of subsection
(a)shall be submitted in unclassified form but may contain a classified annex. The Secretary of the Treasury shall make the unclassified portion of the report required under subsection (a)(1) available to the public on the website and social media accounts of the Department of the Treasury— in English, Chinese, and any other language that the Secretary finds appropriate; and in precompressed, easily downloadable versions that are made available in all appropriate formats.
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Sec. 2
Report on financial institutions and accounts connected to certain Chinese government officials
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