,,ii #aahth ,,congress #ast ,session ,s4 #cdda ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,december #g1 #bjbc,mr4 ,warner 7for himself1 ,mr4 ,rounds1 ,mr4 ,reed1 and ,mr4 ,romney7 introduced the following bill2 which was read twice and referred to the ,committee on ,banking1 ,housing1 and ,urban ,affairs ,a ,,bill ,to prevent ,foreign ,terrorist ,organizations and their financial enablers1 whether in currency or digital assets1 from accessing financial and other institutions of the ,united ,states1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,terrorist ,financing ,prevention ,act of #bjbc4 ,i ,prevention of access to financial and other institutions of the ,united ,states by ,foreign ,terrorist ,organizations and their enablers #aja4 ,definitions ,in this title3 7#a7 ,digital asset ,the term digital asset means any digital representation of value that is recorded on a cryptographically secured distributed ledger or any similar technology1 or another implementation which was designed and built as part of a system to leverage or replace blockchain or distributed ledger technology or their derivatives4 7#b7 ,digital asset protocol ,the term digital asset protocol means any communication protocol1 smart contract1 or other software-- 7,a7 deployed through the use of distributed ledger or similar technology2 and 7,b7 that provides a mechanism for users to interact and agree to the terms of a trade for digital assets4 7#c7 ,foreign digital asset transaction facilitator ,the term foreign digital asset transaction facilitator means any foreign person or group of foreign persons that1 as determined by the ,secretary1 controls1 operates1 or makes available a digital asset protocol or similar facility1 or otherwise materially assists in the purchase1 sale1 exchange1 custody1 or other transaction involving an exchange or transfer of value using digital assets4 7#d7 ,foreign financial institution ,the term foreign financial institution has the meaning given that term under section #efa4cjh of title #ca1 ,code of ,federal ,regulations4 7#e7 ,foreign person ,the term foreign person means an individual or entity that is not a ,united ,states person4 7#f7 ,foreign ,terrorist ,organization ,the term ,foreign ,terrorist ,organization means an organization that has been designated as a ,foreign ,terrorist ,organization by the ,secretary of ,state1 pursuant to section #bai of the ,immigration and ,nationality ,act 7#h ,u4,s4,c4 #aahi74 7#g7 ,secretary ,the term ,secretary means the ,secretary of the ,treasury4 7#h7 ,specially designated global terrorist organization ,the term specially designated global terrorist organization means an organization that has been designated as a specially designated global terrorist by the ,secretary of ,state or the ,secretary1 pursuant to ,executive ,order #acbbd 7#ej ,u4,s4,c4 #agja note2 relating to blocking property and prohibiting transactions with persons who commit1 threaten to commit1 or support terrorism74 7#i7 ,united ,states person ,the term ,united ,states person means-- 7,a7 an individual who is a ,united ,states citizen or an alien lawfully admitted for permanent residence to the ,united ,states2 7,b7 an entity organized under the laws of the ,united ,states or any jurisdiction within the ,united ,states1 including a foreign branch of such an entity2 or 7,c7 any person in the ,united ,states4 #ajb4 ,sanctions with respect to foreign financial institutions and foreign digital asset transaction facilitators that engage in certain transactions 7a7 ,mandatory identification ,not later than #fj days after the date of enactment of this ,act1 and periodically thereafter1 the ,secretary shall identify and submit to the ,president a report identifying any foreign financial institution or foreign digital asset transaction facilitator that has knowingly-- 7#a7 facilitated a significant financial transaction with-- 7,a7 a ,foreign ,terrorist ,organization2 7,b7 a specially designated global terrorist organization2 or 7,c7 a person identified on the list of specially designated nationals and blocked persons maintained by the ,office of ,foreign ,assets ,control of the ,department of the ,treasury1 the property and interests in property of which are blocked pursuant to the ,international ,emergency ,economic ,powers ,act 7#ej ,u4,s4,c4 #agja et seq47 for acting on behalf of or at the direction of1 or being owned or controlled by1 a ,foreign ,terrorist ,organization or a specially designated global terrorist organization2 or 7#b7 engaged in money laundering to carry out an activity described in paragraph 7#a74 7b7 ,imposition of sanctions 7#a7 ,foreign financial institutions ,the ,president shall prohibit1 or impose strict conditions on1 the opening or maintaining of a correspondent account or a payable-through account in the ,united ,states by a foreign financial institution identified under subsection 7a74 7#b7 ,foreign digital asset transaction facilitators ,the ,president1 pursuant to such regulations as the ,president may prescribe1 shall prohibit any transactions between any person subject to the jurisdiction of the ,united ,states with a foreign digital asset transaction facilitator identified under subsection 7a74 7c7 ,implementation and penalties 7#a7 ,implementation ,the ,president may exercise all authorities provided under sections #bjc and #bje of the ,international ,emergency ,economic ,powers ,act 7#ej ,u4,s4,c4 #agjb1 #agjd7 to the extent necessary to carry out this ,act4 7#b7 ,penalties ,the penalties set forth in subsections 7b7 and 7c7 of section #bjf of the ,international ,emergency ,economic ,powers ,act 7#ej ,u4,s4,c4 #agje7 shall apply to a person that violates1 attempts to violate1 conspires to violate1 or causes a violation of regulations prescribed under this section to the same extent that such penalties apply to a person that commits an unlawful act described in subsection 7a7 of such section #bjf4 7d7 ,procedures for judicial review of classified information 7#a7 ,in general ,if a finding under this section1 or a prohibition1 condition1 or penalty imposed as a result of any such finding1 is based on classified information 7as defined in section #a7;a7 of the ,classified ,information ,procedures ,act 7#ah ,u4,s4,c4 ,app4771 the ,secretary may submit to a court reviewing the finding or the imposition of the prohibition1 condition1 or penalty such classified information ex parte and in camera4 7#b7 ,rule of construction ,nothing in this subsection shall be construed to confer or imply any right to judicial review of any finding under this subsection or any prohibition1 condition1 or penalty imposed as a result of any such finding4 7e7 ,waiver for national security ,the ,secretary may waive the imposition of sanctions under this section with respect to a person if the ,secretary-- 7#a7 determines that such a waiver is in the national interests of the ,united ,states2 and 7#b7 submits to ,congress a notification of the waiver and the reasons for the waiver4 7f7 ,exception for intelligence activities ,this section shall not apply with respect to any activity subject to the reporting requirements under title ,v of the ,national ,security ,act of #aidg 7#ej ,u4,s4,c4 #cjia et seq47 or any authorized intelligence activities of the ,united ,states4 7g7 ,exception relating to importation of goods 7#a7 ,in general ,the authorities and requirements under this section shall not include the authority or a requirement to impose sanctions on the importation of goods4 7#b7 ,good defined ,in this section1 the term good means any article1 natural or manmade substance1 material1 supply1 or manufactured product1 including inspection and test equipment1 and excluding technical data4 ,,ii ,special measures for modern threats #bja4 ,prohibitions or conditions on certain transmittals of funds ,section #ecah;,a of title #ca1 ,united ,states ,code1 is amended-- 7#a7 in subsection 7a77#b77;,c71 by striking subsection 7b77#e7 and inserting paragraphs 7#e7 and 7#f7 of subsection 7b72 and 7#b7 in subsection 7b7-- 7,a7 in paragraph 7#e71 by striking for or on behalf of a foreign banking institution2 and 7,b7 by adding at the end the following3 7#f7 ,prohibitions or conditions on certain transmittals of funds ,if the ,secretary finds a jurisdiction outside of the ,united ,states1 #a or more financial institutions operating outside of the ,united ,states1 #a or more types of accounts within1 or involving1 a jurisdiction outside of the ,united ,states1 or #a or more classes of transactions within1 or involving1 a jurisdiction outside of the ,united ,states to be of primary money laundering concern1 the ,secretary1 in consultation with the ,secretary of ,state1 the ,attorney ,general1 and the ,chairman of the ,board of ,governors of the ,federal ,reserve ,system1 may prohibit1 or impose conditions upon1 certain transmittals of funds 7as such term may be defined by the ,secretary in a special measure issuance1 by regulation1 or as otherwise permitted by law71 to or from any domestic financial institution or domestic financial agency if such transmittal of funds involves any such jurisdiction1 institution1 type of account1 class of transaction1 or type of account4 4 ,,iii ,funding #cja4 ,adequate funding to prevent evasion of counter-terrorism sanctions and financial crime enforcement ,there are authorized to be appropriated to the ,secretary of the ,treasury such funds as are necessary to carry out the purposes of this ,act4