§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

Congress says that companies that run special international banking message systems are a key link to the world financial system. It praises the European Union for banning those services to Iran’s central bank and other sanctioned Iranian banks. Congress also says those banks must keep losing access to these services. The Treasury Secretary must give Congress a report not later than 60 days after August 10, 2012, and every 90 days after that. The report must name anyone the Secretary finds who directly provides, or helps others get, those special messaging services to the Central Bank of Iran or certain sanctioned Iranian banks, and must explain what the Secretary is doing to stop it. “Helping” includes acting as an intermediary bank. The report should be unclassified but can include a classified annex. Beginning 90 days after August 10, 2012, the President may punish people who knowingly keep providing or enabling these services, unless the company is already under a foreign law that requires it to stop, the company has stopped, and the President decides the foreign list of banks is substantially similar to the U.S. list and does not harm U.S. interests. Nothing here limits the President’s other authorities under U.S. emergency or Iran sanctions laws.