Facilitation of certain defense- and energy-related transactions
section 8923(a)(2) of this titlesection 8923(b) of this titlesection 8923 of this titleThe President shall impose, unless the President determines that it is not in the national interest of the United States to do so, the sanction described in subsection (c) with respect to a foreign financial institution that the President determines knowingly engages, on or after , in significant transactions involving activities described in subparagraph (A)(ii) or (B) of or paragraph (1) or (3) of for persons with respect to which sanctions are imposed under .
Facilitation of financial transactions on behalf of specially designated nationals
Sanction described
The sanction described in this subsection is, with respect to a foreign financial institution, a prohibition on the opening, and a prohibition or the imposition of strict conditions on the maintaining, in the United States of a correspondent account or a payable-through account by the foreign financial institution.
National security waiver
Notification to Congress on imposition of sanctions
The President shall notify the appropriate congressional committees in writing not later than 15 days after imposing sanctions with respect to a foreign financial institution under subsection (a) or (b).
Implementation; penalties
Implementation
The President may exercise all authorities provided under sections 1702 and 1704 of title 50 to carry out the purposes of this section.
Penalties
section 1705 of title 50section 1705(a) of title 50The penalties provided for in subsections (b) and (c) of shall apply to a person that violates, attempts to violate, or conspires to violate, or causes a violation of, subsection (a) or (b) of this section, or an order or regulation prescribed under either such subsection, to the same extent that such penalties apply to a person that commits an unlawful act described in .
Termination
section 8923(i) of this titleThis section, and sanctions imposed under this section, shall terminate on the date on which the President submits to the appropriate congressional committees the certification described in .
Pub. L. 113–272, § 5128 Stat. 2958Pub. L. 115–44, title II131 Stat. 910(, , ; , §§ 226, 229(b), , , 915.)
Termination of Section
For termination of section, see subsection (g) of this section.
Editorial Notes
References in Text
section 1701 of Title 50Executive Order No. 13660, referred to in subsec. (b)(2), is Ex. Ord. No. 13660, , 79 F.R. 13493, which is listed in a table under , War and National Defense.
section 1701 of Title 50Executive Order No. 13661, referred to in subsec. (b)(2), is Ex. Ord. No. 13661, , 79 F.R. 15535, which is listed in a table under , War and National Defense.
section 1701 of Title 50Executive Order No. 13662, referred to in subsec. (b)(2), is Ex. Ord. No. 13662, , 79 F.R. 16169, which is listed in a table under , War and National Defense.
Amendments
Pub. L. 115–44, § 226(1)2017—Subsec. (a). , substituted “shall impose, unless the President determines that it is not in the national interest of the United States to do so,” for “may impose” and “on or after ” for “on or after ”.
Pub. L. 115–44, § 226(2)Subsec. (b). , in introductory provisions, substituted “shall impose, unless the President determines that it is not in the national interest of the United States to do so,” for “may impose” and “on or after the date that is 30 days after ” for “on or after the date that is 180 days after ”.
Pub. L. 115–44, § 229(b)(1)Subsecs. (e), (f). , (2), added subsec. (e) and redesignated former subsec. (e) as (f). Former subsec. (f) redesignated (g).
Pub. L. 115–44, § 229(b)(1)Subsec. (g). , (3), redesignated subsec. (f) as (g) and substituted “section 8923(i)” for “section 8923(h)”.