Requires the President to impose sanctions on foreign persons, entities, and banks that support or help run the Palestine Liberation Organization (PLO) or Palestinian Authority (PA) system of payments that rewards terrorism. It freezes assets under U.S. jurisdiction, blocks visas and entry to the United States, and restricts certain U.S. dollar accounts for foreign banks that facilitate these payments.

Sanctions must begin within 90 days of enactment and continue until the Secretary of State certifies in writing that the PLO/PA payment system has ended. The bill uses existing federal definitions of terrorism, sets procedures for congressional requests, and directs federal agencies to issue implementing regulations.