Directs the President to report to Congress annually identifying: (1) satellite, broadcast, Internet, or other providers that have knowingly entered into a contractual relationship with al-Manar TV and its affiliates; and (2) the identity of those providers that have or have not been sanctioned pursuant to Executive Order 13224.

Directs the President to prohibit or impose strict conditions on the opening or maintaining in the United States of a correspondent account or a payable-through account by a foreign financial institution that knowingly:

• facilitates a transaction or transactions for Hizballah, or for a person acting on behalf of, or owned or controlled by Hizballah;
• engages in money laundering to carry out such an activity; or
• facilitates a significant transaction or provides significant financial services to carry out such an activity.

Applies specified penalties under the International Emergency Economic Powers Act for violations of this Act.

Authorizes the President to waive the application of a prohibition for up to 180 days (with renewable 180-day waivers) if in U.S. national security interests, and with congressional notification.

Requires the Department of the Treasury to identify to Congress every 180 days each foreign central bank that carries out a prohibited activity.

Exempts from sanctions a foreign financial institution that is no longer engaging in a prohibited activity or is taking significant steps toward terminating such activity.

Directs the President to report to Congress on whether Hizballah meets the criteria for designation as a significant foreign narcotics trafficker, and if the President determines that Hizballah does not meet such criteria, a detailed justification as to which criteria have not been met.

Expresses the sense of Congress that: (1) Hizballah appears to meet the criteria for designation as a significant transnational criminal organization, and (2) the President should designate Hizballah as a significant transnational criminal organization.

Directs the President to report to Congress on whether Hizballah meets the criteria for designation as a significant transnational criminal organization, and if the President determines that Hizballah does not meet such criteria, a detailed justification as to which criteria have not been met.

Directs the Department of State to report to Congress regarding actions taken through the Department's rewards program to obtain information on Hizballah's fund raising, financing, and money laundering activities.

Directs the President to report to Congress regarding:

• countries that support Hizballah, in which Hizballah maintains important portions of its global logistics networks, or in which Hizballah conducts significant fund raising, financing, or money laundering activities;
• an assessment of whether a country is taking adequate measures to disrupt Hizballah's networks and activities within that country; and
• methods that Hizballah, or any of its agents or affiliates, utilizes to raise or transfer funds, including trade-based money laundering, the use of foreign exchange houses, and free-trade zones.

Directs the Department of State, Treasury, and the heads of other applicable federal departments and agencies to brief Congress on the disposition of Hizballah's assets and fund raising, financing, and money laundering activities.

Declares that nothing in this Act shall apply to authorized U.S. intelligence activities.