§8513b Expansion Of, and Reports On, Mandatory Sanctions with Respect to Financial Institutions That Engage in Certain Activities

Summary

Require the Treasury Secretary to update rules within 90 days after August 10, 2012 so the same mandatory sanctions apply to any foreign financial institution the Secretary finds is involved in certain prohibited activities. A foreign financial institution is covered if the Secretary finds it knowingly helps or acts for someone in those activities, tries or plans to do so, or is owned or controlled by another foreign financial institution that does those activities. Within 180 days after August 10, 2012 and every 180 days after that, the Treasury must send Congress a detailed report on how the rules affect Iran’s economy and money flows, and how funds move into and out of the specified types of institutions, especially using other Iranian or foreign banks. Reports must be unclassified but can include a classified annex. Definitions: “financial institution” means the types listed in subparagraphs A, B, C, D, E, F, G, H, I, J, K, M, N, R, or Z of section 5312(a)(2) of title 31; “foreign financial institution” means as the Treasury Secretary defines under section 8513(i); “Iranian financial institution” means a financial institution organized under Iranian law (including foreign branches), a financial institution located in Iran, one owned or controlled by the Government of Iran, or one owned or controlled by any of the foregoing.