Iran-Iraq Arms Non-Proliferation Act of 1992

Iran-Iraq Arms Non-Proliferation Act of 1992 - Declares that it is U.S. policy to oppose any transfer of goods or technology to Iraq or Iran whenever there is reason to believe that such transfer could contribute to that country's acquisition of chemical, biological, nuclear, or advanced conventional weapons.

Provides that specified sanctions against Iraq under the Iraq Sanctions Act of 1990 shall apply to Iran in the same manner.

Prohibits, for a period of two years, U.S. procurement of goods from, and approval of export licenses for, any person who transfers goods or technology so as to materially contribute to efforts by Iran or Iraq to acquire weapons described by this Act. Applies sanctions to successor entities and to parents, subsidiaries, or affiliates controlled by the sanctioned person if they assisted in the prohibited transfer. Authorizes the President, for any period of time, to prohibit the importation of articles from such persons.

Imposes the following mandatory sanctions (for one year) on foreign countries that transfer goods or technology (including goods or technology knowingly transferred from the country's territory) so as to materially contribute to such efforts by Iran or Iraq: (1) suspension of U.S. assistance; (2) opposition to the extension of financial or technical assistance by international financial institutions; (3) suspension of U.S. obligations under any memorandum of understanding for the codevelopment or coproduction of items on the U.S. Munitions List; and (4) suspension of U.S. obligations under technical exchange agreements and a prohibition on the export of technology or items on the U.S. Munitions List to such countries. Makes sanctions concerning international financial institution assistance and technical exchange agreements inapplicable with respect to transfers relating to the acquisition of advanced military aircraft or submarines.

Authorizes the President to impose the following discretionary sanctions with respect to such countries: (1) suspension of most-favored-nation status; and (2) exercise of authorities under the International Emergency Economic Powers Act.

Waives any mandatory sanction under this Act if the President reports to the Congress that a sanction would jeopardize national security interests.