MODIFICATION OF REPORT WITH RESPECT TO FINANCIAL INSTITUTIONS THAT ENGAGE IN CERTAIN TRANSACTIONS.

SEC. 102. MODIFICATION OF REPORT WITH RESPECT TO FINANCIAL INSTITUTIONS THAT ENGAGE IN CERTAIN TRANSACTIONS. Section 102(d) of the Hizballah International Financing Prevention Act of 2015 (Public Law 114-102; 50 U.S.C. 1701 note) is amended to read as follows: “(d) Report on Financial Institutions Organized Under the Laws of State Sponsors of Terrorism.— “(1) In general.—Not later than 180 days after the date of the enactment of the Hizballah International Financing Prevention Amendments Act of 2018, and every 2 years thereafter for a period not to exceed 4 years, the President shall submit to the appropriate congressional committees a report that— “(A) identifies each foreign financial institution described in paragraph (2) that the President determines engages in one or more activities described in subsection (a)(2); and “(B) provides a detailed description of each such activity. “(2) Foreign financial institution described.— “(A) In general.—A foreign financial institution described in this paragraph is a foreign financial institution— “(i) that, wherever located, is— “(I) organized under the laws of a state sponsor of terrorism or any jurisdiction within a state sponsor of terrorism; “(II) owned or controlled by the government of a state sponsor of terrorism; “(III) located in the territory of a state sponsor of terrorism; or “(IV) owned or controlled by a foreign financial institution described in subclause (I), (II), or (III); and “(ii) the capitalization of which exceeds $10,000,000. “(B) State sponsor of terrorism defined.—In this paragraph, the term ‘state sponsor of terrorism’ means a country the government of which the Secretary of State has determined is a government that has repeatedly provided support for acts of international terrorism for purposes of— “(i) section 1754(c) of the Export Control Reform Act of 2018; “(ii) section 620A of the Foreign Assistance Act of 1961 (22 U.S.C. 2371); “(iii) section 40 of the Arms Export Control Act (22 U.S.C. 2780); or “(iv) any other provision of law.” .