South African Financial Sanctions Act of 1989

Summary

South African Financial Sanctions Act of 1989 - Amends the Comprehensive Anti-Apartheid Act of 1986 to expand the scope of definitions of "loan" and "United States national." Defines "depository institution" and "exit loan" for purposes of such Act. Prohibits U.S. nationals from holding any exit loan after 1992. Amends the Bretton Woods Agreement Act to require the President to instruct the U.S. Executive Director of the International Monetary Fund to vote against the use of Fund credit for any country practicing apartheid. Amends the Comprehensive Anti-Apartheid Act of 1986 to prohibit U.S. depository institutions from: (1) accepting or holding deposit accounts from South African depository institutions; or (2) providing correspondent banking services to such institutions. Prohibits disqualified depository institutions from being designated as depositaries or fiscal agents for Federal agencies within six months after this Act's enactment. Terminates designations of such institutions made before this Act's enactment at the end of such six-month period. Prohibits Federal agencies from obtaining any service from such institutions after such period. Provides for the termination or modification of certain provisions under the Comprehensive Anti-Apartheid Act of 1986 if the Government of South Africa: (1) ends the state of emergency and all forms of political repression; (2) withdraws all military personnel from black townships; (3) frees all political prisoners unconditionally and permits exiles to return to South Africa; (4) permits former prisoners and exiles to participate in political activities without harassment or restrictions; (5) repeals bans or restrictions on political parties or organizations and allows such entities to function freely; and (6) commits to enter into negotiations with respect to, and demonstrates progress toward, achieving a nonracial, democratic form of government. Provides for the repeal of such provisions by joint resolution if such conditions are met.

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2 official files

• Introduced in House (text)

  Introduced in House · EN

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• Introduced in House

  summary · EN · 12 October 1989

  Open at official source

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