Amends the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 to direct the President to determine, and report to Congress, whether the Central Bank of Iran has assisted: (1) Iran's development of chemical, biological, nuclear, or ballistic weapons; (2) Iran's Revolutionary Guard Corps (IRGC); or (3) a financial institution whose property or property interests are subject to sanctions in connection with Iran's proliferation of weapons of mass destruction or support for international terrorism.
Directs the President, if the Bank has engaged in any of such acts, to: (1) prohibit the opening or maintaining in the United States of a correspondent or payable-through account by a foreign financial institution that has knowingly conducted any financial transaction with the Bank; and (2) freeze and prohibit all property and property interest transactions of such institution if the property and property interests are in the United States, come within the United States, or come within the possession or control of a U.S. person.
Applies such provisions to: (1) financial transactions begun on or after the date of the enactment of this Act, and (2) financial transactions for petroleum or petroleum product purchases through the Bank begun 180 days or more after the date of the enactment of this Act.
[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3439 Introduced in House (IH)]
112th CONGRESS
1st Session
H. R. 3439
To require the President to impose sanctions on foreign financial
institutions that conduct transactions with the Central Bank of Iran if
the President determines that the Central Bank of Iran has engaged in
certain transactions relating to the proliferation of chemical,
biological, or nuclear weapons or support for acts of international
terrorism.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
November 16, 2011
Mr. Flake (for himself and Mr. McIntyre) introduced the following bill;
which was referred to the Committee on Foreign Affairs
_______________________________________________________________________
A BILL
To require the President to impose sanctions on foreign financial
institutions that conduct transactions with the Central Bank of Iran if
the President determines that the Central Bank of Iran has engaged in
certain transactions relating to the proliferation of chemical,
biological, or nuclear weapons or support for acts of international
terrorism.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. IMPOSITION OF SANCTIONS ON FOREIGN FINANCIAL INSTITUTIONS
THAT CONDUCT TRANSACTIONS OF THE CENTRAL BANK OF IRAN.
Section 104 of the Comprehensive Iran Sanctions, Accountability,
and Divestment Act of 2010 (22 U.S.C. 8513) is amended--
(1) by redesignating subsections (h) and (i) as subsections
(i) and (j), respectively; and
(2) by inserting after subsection (g) the following new
subsection:
``(h) Imposition of Sanctions on Foreign Financial Institutions
That Conduct Transactions of the Central Bank of Iran.--
``(1) Determination required.--
``(A) In general.--Not later than 30 days after the
date of the enactment of this subsection, the President
shall determine whether the Central Bank of Iran has--
``(i) provided financial services in
support of, or otherwise facilitated, the
ability of Iran to--
``(I) acquire or develop chemical,
biological, or nuclear weapons, or
related technologies;
``(II) construct, equip, operate,
or maintain nuclear enrichment
facilities; or
``(III) acquire or develop
ballistic missiles, cruise missiles, or
destabilizing types and amounts of
conventional weapons; or
``(ii) facilitated a transaction or
provided financial services for--
``(I) Iran's Revolutionary Guard
Corps; or
``(II) a financial institution
whose property or interests in property
are subject to sanctions imposed
pursuant to the International Emergency
Economic Powers Act (50 U.S.C. 1701 et
seq.) in connection with--
``(aa) Iran's proliferation
of weapons of mass destruction
or delivery systems for weapons
of mass destruction; or
``(bb) Iran's support for
acts of international
terrorism.
``(B) Submission to congress.--The President shall
submit in writing to the appropriate congressional
committees the determination made under subparagraph
(A) and the reasons for the determination.
``(2) Imposition of sanctions.--If the President determines
under paragraph (1)(A) that the Central Bank of Iran has
engaged in an activity described in that paragraph, the
President shall immediately--
``(A) prohibit the opening or maintaining in the
United States of a correspondent account or a payable-
through account by a foreign financial institution that
the President determines has knowingly conducted any
financial transaction with the Central Bank of Iran;
and
``(B) freeze and prohibit all transactions in all
property and interests in property of each such foreign
financial institution if such property and interests in
property are in the United States, come within the
United States, or come within the possession or control
of a United States person.
``(3) Applicability.--
``(A) In general.--Except as provided in
subparagraph (B), paragraph (2) applies with respect to
financial transactions commenced on or after the date
of the enactment of this subsection.
``(B) Petroleum transactions.--Paragraph (2)
applies with respect to financial transactions for the
purchase of petroleum or petroleum products through the
Central Bank of Iran commenced on or after the date
that is 180 days after the date of the enactment of
this subsection.
``(4) Foreign financial institution.--For purposes of this
subsection, the term `foreign financial institution' includes a
financial institution owned or controlled by a foreign
government.''.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Foreign Affairs.
Referred to the House Committee on Financial Services.
Referred to the Subcommittee on International Monetary Policy and Trade.
Referred to the Subcommittee on Middle East and South Asia .
Referred to the Subcommittee on Terrorism, Nonproliferation, and Trade.
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