Requires the Secretary of State, working with other U.S. agencies, to assess whether any country, region, or jurisdiction in Latin America is a “terrorist sanctuary” for Iran, Hezbollah, or related networks, and to report that assessment to Congress within 180 days. Directs diplomatic and financial pressure to counter Iranian/Hezbollah activity in the Western Hemisphere, urges partner countries to designate Hezbollah as a terrorist organization, and authorizes visa bans and revocations for foreign officials from jurisdictions designated as terrorist sanctuaries. Any sanctions under the Act expire five years after the law takes effect.