§8726 — Title 22 Foreign Relations and Intercourse | U.S. Code

Summary

Requires the Treasury Secretary to send a report to Congress. The first report was due within 60 days after August 10, 2012, and then every 90 days. Each report must name companies the Secretary finds are directly giving specialized financial messaging services to the Central Bank of Iran or other Iranian banks covered by the 2010 Iran sanctions law. The report must also describe what the Treasury is doing to stop that access. "Enabling or facilitating" includes acting as an intermediary bank. Reports must be unclassified but can include a classified annex. Starting 90 days after August 10, 2012, the President may punish anyone who knowingly keeps providing or helping others get those messaging services to the Iranian banks, unless the person is already under a foreign legal sanctions program that requires and has ended those services and covers essentially the same Iranian banks. Nothing in this rule limits the President’s other powers under U.S. emergency or Iran sanctions laws.

Title 22, §8726

Foreign Relations and Intercourse — Source: USLM XML via OLRC

(a)It is the sense of Congress that—

(1)providers of specialized financial messaging services are a critical link to the international financial system;

(2)the European Union is to be commended for strengthening the multilateral sanctions regime against Iran by deciding that specialized financial messaging services may not be provided to the Central Bank of Iran and other sanctioned Iranian financial institutions by persons subject to the jurisdiction of the European Union; and

(3)the loss of access by sanctioned Iranian financial institutions to specialized financial messaging services must be maintained.

(b)(1)Not later than 60 days after August 10, 2012, and every 90 days thereafter, the Secretary of the Treasury shall submit to the appropriate congressional committees a report that contains—

(A)a list of all persons that the Secretary has identified that directly provide specialized financial messaging services to, or enable or facilitate direct or indirect access to such messaging services for, the Central Bank of Iran or a financial institution described in section 104(c)(2)(E)(ii) of the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (22 U.S.C. 8513(c)(2)(E)(ii)); and

(B)a detailed assessment of the status of efforts by the Secretary to end the direct provision of such messaging services to, and the enabling or facilitation of direct or indirect access to such messaging services for, the Central Bank of Iran or a financial institution described in that section.

(2)For purposes of paragraph (1) and subsection (c), enabling or facilitating direct or indirect access to specialized financial messaging services for the Central Bank of Iran or a financial institution described in section 104(c)(2)(E)(ii) of the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (22 U.S.C. 8513(c)(2)(E)(ii)) includes doing so by serving as an intermediary financial institution with access to such messaging services.

(3)A report submitted under paragraph (1) shall be submitted in unclassified form but may contain a classified annex.

(c)(1)Except as provided in paragraph (2), if, on or after the date that is 90 days after August 10, 2012, a person continues to knowingly and directly provide specialized financial messaging services to, or knowingly enable or facilitate direct or indirect access to such messaging services for, the Central Bank of Iran or a financial institution described in paragraph (2)(E)(ii) of section 104(c) of the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (22 U.S.C. 8513(c)), the President may impose sanctions pursuant to that section or the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) with respect to the person.

(2)The President may not impose sanctions pursuant to paragraph (1) with respect to a person for directly providing specialized financial messaging services to, or enabling or facilitating direct or indirect access to such messaging services for, the Central Bank of Iran or a financial institution described in section 104(c)(2)(E)(ii) of the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (22 U.S.C. 8513(c)(2)(E)(ii)) if—

(A)the person is subject to a sanctions regime under its governing foreign law that requires it to eliminate the knowing provision of such messaging services to, and the knowing enabling and facilitation of direct or indirect access to such messaging services for—

(i)the Central Bank of Iran; and

(ii)a group of Iranian financial institutions identified under such governing foreign law for purposes of that sanctions regime if the President determines that—

(I)the group is substantially similar to the group of financial institutions described in section 104(c)(2)(E)(ii) of the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (22 U.S.C. 8513(c)(2)(E)(ii)); and

(II)the differences between those groups of financial institutions do not adversely affect the national interest of the United States; and

(B)the person has, pursuant to that sanctions regime, terminated the knowing provision of such messaging services to, and the knowing enabling and facilitation of direct or indirect access to such messaging services for, the Central Bank of Iran and each Iranian financial institution identified under such governing foreign law for purposes of that sanctions regime.

(d)Nothing in this section shall be construed to limit the authority of the President pursuant to the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) or the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (22 U.S.C. 8501 et seq.).

Notes & Related Subsidiaries

Termination of SectionFor termination of section, see section 8785(a) of this title.

Editorial Notes

References in Text

The International Emergency Economic Powers Act, referred to in subsecs. (c)(1) and (d), is title II of Pub. L. 95–223, Dec. 28, 1977, 91 Stat. 1626, which is classified generally to chapter 35 (§ 1701 et seq.) of Title 50, War and National Defense. For complete classification of this Act to the Code, see

Short Title

note set out under section 1701 of Title 50 and Tables. The Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010, referred to in subsec. (d), is Pub. L. 111–195, July 1, 2010, 124 Stat. 1312, which is classified principally to chapter 92 (§ 8501 et seq.) of this title. For complete classification of this Act to the Code, see

Short Title

note set out under section 8501 of this title and Tables.

§8726 Reports on, and authorization of imposition of sanctions with respect to, the provision of specialized financial messaging services to the Central Bank of Iran and other sanctioned Iranian financial institutions

Summary

Title 22, §8726

Notes & Related Subsidiaries

Editorial Notes

References in Text

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