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

Summary

The Secretary of the Treasury must update the rules within 90 days after August 10, 2012 so that foreign banks and similar firms listed in subsection (b) are treated the same as foreign firms the Treasury finds knowingly involved in the activities named in section 8513(c)(2). That covers foreign financial institutions that knowingly help, take part in, assist, act for or as an intermediary for, try or conspire to help, or are owned or controlled by a foreign financial institution that the Treasury finds knowingly engages in those activities. Not later than 180 days after August 10, 2012, and every 180 days after that, the Treasury must send Congress a report on how the rules affect Iran’s financial system and capital flows, and on how money moves into and out of the specific Iranian-related institutions named in section 8513(c)(2)(E)(ii), including use of other Iranian and foreign banks. Reports must be unclassified but may include a classified annex. Definitions: “financial institution” means the types listed in 31 U.S.C. 5312(a)(2); “foreign financial institution” is as defined by the Treasury under section 8513(i); “Iranian financial institution” means banks organized in Iran, located in Iran, owned or controlled by Iran’s government, or owned/controlled by such Iranian banks.