§8513b Expansion of, and reports on, mandatory sanctions with respect to financial institutions that engage in certain activities

Summary

The Treasury must change its existing rules within 90 days after August 10, 2012 so they also cover foreign banks and similar financial firms that either knowingly help with certain prohibited activities, try or plan to help, or are owned or controlled by a firm that does. That coverage includes Iranian banks. The goal is to treat those firms the same as firms already found to take part in those activities. Starting 180 days after August 10, 2012 and every 180 days after that, Treasury must send Congress a report about how the rules affect Iran’s economy and money moving to and from Iran, and how funds move into and out of the affected banks, including use of other Iranian or foreign banks. The reports must be unclassified but may have a classified annex. Definitions: "financial institution" — the types listed in another federal law; "foreign financial institution" — as Treasury defines; "Iranian financial institution" — a bank organized in or located in Iran, or owned or controlled by Iran or by an Iranian bank.