Congressman Denver Riggleman Passes Amendment to FY21 NDAA to Strengthen Banking Transparency
Washington D.C.— Congressman Denver Riggleman’s Banking Transparency for Sanctioned Persons Amendment passed the House with unanimous consent Monday night. The amendment will now be included in the FY2021 National Defense Authorization Act. The legislation will require the Treasury Department to report to Congress on the financial transactions for bad actors and state sponsors of terrorism.
“I am excited to see this important legislation included in the National Defense Authorization Act. The information in these reports will inform Congress about how sanctioned states and individuals engage in financial transactions," said Congressman Riggleman. "Additionally, the increased transparency will help us understand the impacts of sanctions on targeted individuals. With a clear idea of how certain foreign countries are undermining U.S. efforts to combat corruption and human rights atrocities, we can adjust our sanctions policies, so they have the intended effects."
Congressman Riggleman Speaking on the Banking Transparency For Sanctioned Persons Legislation in 2019.
This bill requires the Treasury Secretary to submit a semi-annual report regarding financial services for state sponsors of terrorism and puts foreign banks on alert that Congress will be watching their dealings with human rights abusers and corrupt officials.
You can read the text of the amendment here.