,,ib ,union ,cal5d> ,no4 #bfi #aah?     
,,congress  #a/ ,session  ,h4 ,r4 #fcfe 
,report ,no4 #aah-ccj ,,9 ,,! ,,h\se ,,(
 ,,repres5tatives  ,novemb] #ac1        
#bjbc,ms4 ,wat]s introduc$ ! foll[+     
bill2 :i* 0 ref]r$ to ! ,committee on   
,f9ancial ,s]vices  ,decemb] #ai1       
#bjbc,report$ ) an am5dm5t1 committ$ to 
! ,committee ( ! ,:ole ,h\se on ! ,/ate 
( ! ,union1 & ord]$ to be printed,strike
 out all aft] ! enact+ clause & ins]t ! 
"p pr9t$ 9 italic,for text ( introduc$  
bill1 see copy ( bill z introduc$ on    
,novemb] #ac1 #bjbc  ,a ,,bill  ,to     
protect aga9/ illicit oil %ipm5ts1 & =  
o!r purposes4  #a4 ,%ort title ,?is ,act
 may be cit$ z ! ,/opp+ ,illicit ,oil   
,%ipm5ts ,act ( #bjbc4  #b4 ,f9d+s ,!   
,congress f9ds ! foll[+3 7#a7 ,:5       
c\ntries are designat$ "u economic &    
trade sanctions by ! ,unit$ ,/ates & its
 allies1 !y are l>gely exclud$ f ! licit
 global f9ancial sy/em1 includ+ !       
movem5t1 sale1 & pr(it d]iv$ f _! oil & 
gas res\rces4  7#b7 ,= ,u4,s4 p]sons1   

,am]ican m>itime sanctions1 includ+ on  
nations l ,iran1 ,russia1 & ,nor?       
,korea1 re/rict ! f9anc+ ( vessels &    
c>go1 insurance & re-insurance1         
companies us+ vessels to transport _!   
goods1 %ip[n]s1 *>t]]s1 & ^? provid+    
m>itime s]vices su* z classification &  
c]tification4  7#c7 ,"o me?od by :i*    
,iran & ,russia frequ5tly attempt to    
evade ^! ,u4,s4 sanctions on oil is to  
false flag1 :i* means to avoid sanctions
 scrut9y by regi/]+ a vessel 9 a        
p]missive c\ntry or by sail+ "u ano!r   
c\ntry's flag )\t communicat+ ?is to !  
c\ntry ^: flag is be+ us$4  7#d7        
,accord+ to ,=eign ,policy1             
approximately two million b>rels ( oil f
 sanction$ c\ntries1 includ+ ,iran &    
,russia1 are transport$ "u false flags e
 day4  7#e7 ,9 ord] to evade a sanctions
 regime1 vessels transport+ oil & gas   
res\rces f sanction$ c\ntries mu/ c>ry  
insurance policies to all[ !m to dock at
 a port1 unload _! goods1 or use a      
port's s]vices1 su* z refuel+4  7#f7 ,! 

v]acity ( a vessel's flag is subject to 
exam9ation by port au?orities1 b        
v]ification by ! port & s]vice provid]s 
does n always occur4  7#g7 ,giv5 ! lack 
( compreh5sive *ecks on ! v]acity (     
flags1 ?is ,act w =ce a *ange 9 behavior
 )9 ! m>itime %ipp+ indu/ry by limit+ ! 
availability ( insurance products to ^? 
n v]ify+ flag regi/ration & provid+ a   
direct r\te = ! ,(fice ( ,=eign ,assets 
,control 7,,(ac7 to ga9 possibly        
actionable in=mation t c\ld lead to     
,,(ac en=cem5t actions z well z         
additional t>gets = sanctions           
designations4  #c4 ,mat]ial             
misrepres5tation  7a7 ,9 g5]al ,9       
m>itime insurance contracts1 failure to 
v]ify a vessel's regi/ration %all be    
deem$ a mat]ial misrepres5tation by !   
policyhold]4  7b7 ,rulemak+ ,!          
,und]secret>y = ,t]rorism & ,f9ancial   
,crimes %all issue rules to c>ry out ?is
 section4  #d4 ,id5tification ( vessels 
) illicit m>itime insurance  7a7 ,9     
g5]al ,! prim>y insurance regulatory    

au?ority ( a ,/ate may report to !      
,und]secret>y = ,t]rorism & ,f9ancial   
,crimes :51 9 ! sole discretion ( !     
prim>y insurance regulatory au?ority1 ! 
prim>y insurance regulatory au?ority has
 det]m9$ t ! conditions exi/ = a m>itime
 insurance contract to be voidable      
pursuant to section #c4  7b7            
,limitations ,) respect to a m>itime    
insurance contract1 a report may only be
 made "u subsection 7a7 if ! prim>y     
insurance regulatory au?ority-- 7#a7    
e/abli%es t ! m>itime insurance contract
 has be5 issu$ by an insur] subject to !
 au?ority ( ! prim>y insurance          
regulatory au?ority2  7#b7 e/abli%es t !
 m>itime insurance contract satisfies ! 
conditions e/abli%$ by ! ,und]secret>y =
 ,t]rorism & ,f9ancial ,crimes to be    
voidable pursuant to section #c2 &  7#c7
 possesses1 to ! satisfaction ( ! prim>y
 insurance regulatory au?ority1 cle> &  
compell+ cr$ible factual evid5ce t a    
policyhold] has fail$ to v]ify !        
regi/ration ( a vessel4  #e4 ,report    

7a7 ,9 g5]al ,n lat] ?an ! end ( !      
#ahj-;day p]iod beg9n+ on ! date ( !    
enactm5t ( ?is ,act1 & annually !reaft] 
= #e ye>s1 ! ,secret>y ( ! ,treasury    
%all issue a report to ! appropriate    
committees ( ! ,congress-- 7#a7 detail+ 
any reports receiv$ by ! ,und]secret>y =
 ,t]rorism & ,f9ancial ,crimes f a      
prim>y insurance regulatory au?ority "u 
section #d2  7#b7 detail+ any /eps tak5 
by ! ,secret>y ( ! ,treasury on !       
receipt ( t in=mation2  7#c7 describ+ ( 
activities tak5 by ! ,secret>y ( !      
,treasury1 includ+ meet+s & advisories1 
to engage ) ! m>itime community1 =eign  
gov]nm5ts1 & civil society to improve   
outrea* & und]/&+ ( ! compliance        
expectations relat$ to m>itime sanctions
 evasion2 &  7#d7 describ+ any propos$  
improvem5ts to exi/+ au?orities or      
res\rces t c\ld be provid$ by ,congress4
  7b7 ,exception = ongo+ inve/igations  
,! ,secret>y ( ! ,treasury may n include
 in=mation 9 a report requir$ "u        
subsection 7a7 relat$ to ongo+          

inve/igations4  #f4 ,report ,n lat] ?an 
! end ( ! #ahj-;day p]iod beg9n+ on !   
date ( ! enactm5t ( ?is ,act1 !         
,secret>y ( ! ,treasury %all issue a    
report to ! appropriate committees ( !  
,congress conta9+ recomm5dations =      
receiv+ det]m9ations describ$ "u section
 #d f p]sons o!r ?an a prim>y insurance 
regulatory au?ority ( a ,/ate1 includ+  
e/abli%+ a :i/lebl[] program4  #g4      
,def9itions ,9 ?is ,act3 7#a7           
,appropriate committees ( ! ,congress ,!
 t]m appropriate committees ( !         
,congress means ! ,committee on         
,f9ancial ,s]vices ( ! ,h\se (          
,repres5tatives & ! ,committee on       
,bank+1 ,h\s+1 & ,urban ,affairs ( !    
,s5ate4  7#b7 ,m>itime insurance ,! t]m 
m>itime insurance-- 7,a7 means insurance
 cov]age = physical loss or damage (    
vessels1 c>go1 t]m9als1 & any transport 
by :i* ! c>go is transf]r$1 acquir$1 or 
held betwe5 ! po9ts ( orig9 & ! f9al    
de/9ation2 &  7,b7 includes c>go        
insurance1 freight insurance1 hull      

insurance1 & protection & indemnity4    
7#c7 ,regi/ration ,! t]m regi/ration    
means ! process-- 7,a7 by :i* a vessel  
is =mally recogniz$ by a c\ntry's       
m>itime au?ority1 result+ 9 ! vessel's  
inclusion 9 ! national vessel regi/ry2 &
  7,b7 conf]r+ ^u a vessel ! nationality
 ( ! regi/]+ /ate2  7,c7 entail+ ! "r to
 fly ! flag ( su* regi/]+ /ate2 &  7,d7 
subject+ a vessel to ! responsibility to
 adh]e to m>itime laws & regulations    
en=c$ by su* regi/]+ /ate4  7#d7 ,/ate  
,! t]m ,/ate means any ( ! sev]al       
,/ates1 ! ,di/rict ( ,columbia1 a       
t]ritory ( ! ,unit$ ,/ates1 an ,indian  
,tribe1 & a jurisdiction subject to !   
,compact ( ,free ,association ,act (    
#bjjc4  7#e7 ,vessel ,! t]m vessel has !
 mean+ giv5 su* t]m 9 section #c ( title
 #a1 ,unit$ ,/ates ,code4  ,decemb] #ai1
 #bjbc,report$ ) an am5dm5t1 committ$ to
 ! ,committee ( ! ,:ole ,h\se on ! ,/ate
 ( ! ,union1 & ord]$ to be pr9t$