§ 2370a. Expropriation of United States property
(a)
Prohibition
None of the funds made available to carry out this Act, the Foreign Assistance Act of 1961 [22 U.S.C. 2151 et seq.], or the Arms Export Control Act [22 U.S.C. 2751 et seq.] may be provided to a government or any agency or instrumentality thereof, if the government of such country (other than a country described if [1] subsection (d) of this section)—
(2)
has not, within the period specified in subsection (c) of this section, either—
(B)
provided adequate and effective compensation for such property in convertible foreign exchange or other mutually acceptable compensation equivalent to the full value thereof, as required by international law,
(b)
Other actions
The President shall instruct the United States Executive Directors of each multilateral development bank and international financial institution to vote against any loan or other utilization of the funds of such bank or institution for the benefit of any country to which assistance is prohibited under subsection (a) of this section, unless such assistance is directed specifically to programs which serve the basic human needs of the citizens of that country.
(c)
Period for settlement of claims
The period of time described in subsection (a)(2) of this section is the latest of the following—
(d)
Excepted countries and territories
This section shall not apply to any country established by international mandate through the United Nations or to any territory recognized by the United States Government to be in dispute.
(e)
Resumption of assistance
A prohibition or termination of assistance under subsection (a) of this section and an instruction to vote against loans under subsection (b) of this section shall cease to be effective when the President certifies in writing to the Speaker of the House of Representatives and to the Committee on Foreign Relations of the Senate that such government has taken one of the steps described in subsection (a)(2) of this section.
(f)
Reporting requirement
Not later than 90 days after April 30, 1994, and at the beginning of each fiscal year thereafter, the Secretary of State shall transmit to the Speaker of the House of Representatives and the Committee on Foreign Relations of the Senate, a report containing the following:
(1)
A list of every country in which the United States Government is aware that a United States person has an outstanding expropriation claim.
(2)
The total number of such outstanding expropriation claims made by United States persons against each such country.
(g)
Waiver
The President may waive the prohibitions in subsections (a) and (b) of this section for a country, on an annual basis, if the President determines and so notifies Congress that it is in the national interest to do so.
(h)
“United States person” defined
For the purpose of this section, the term “United States person” means a United States citizen or corporation, partnership, or association at least 50 percent beneficially owned by United States citizens.
(i)
Certain claims for expropriation by the Government of Nicaragua
(1)
Any action of the types set forth in subparagraphs (A), (B), and (C) of subsection (a)(1) of this section that was taken by the Government of Nicaragua during the period beginning on January 1, 1956, and ending on January 9, 2002, shall not be considered in implementing the prohibition under subsection (a) of this section unless the action has been presented in accordance with the procedure set forth in paragraph (2).
[1] So in original. Probably should be “in”.