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Title: Corporate Financing of Terrorism Amendment
Vote Smart's Synopsis:
Vote to adopt an amendment that makes U.S. businesses and their subsidiaries liable to prosecution for dealing with foreign businesses which have links to terrorism or whose parent country supports terrorism.
- Allows the President to use his powers under the International Emergency Economic Powers Act or the Trading with the Enemy Act to prohibit U.S. businesses and their subsidiaries from transacting with foreign businesses identified as having links to terrorism (Sec. 3403).
- Forbids U.S. businesses and their subsidiaries from engaging in transactions with any foreign business whose parent country has been identified by the Secretary of State as a supporter of international terrorism (Sec. 3403).
- Requires the President to publish a list of foreign businesses identified as having links to terrorism, and bans U.S. ownership or control of foreign businesses engaged in transactions with such businesses (Sec. 3403).
- Exempts U.S. businesses from prosecution if transactions are terminated within one year after a foreign business is identified as having links to terrorism (Sec. 3403).
- Calls for U.S. businesses to disclose in their annual reports any ownership stake of at least 10 percent in a foreign business that is itself engaging in transactions with a proscribed foreign business (Sec. 3404).