§8742 Identification Of, and Imposition of Sanctions with Respect To, Persons That Support or Conduct Certain Transactions with Iran’s Revolutionary Guard Corps or Other Sanctioned Persons

Summary

The President must send a report to the proper congressional committees no later than 90 days after August 10, 2012, and then every 180 days. The report must name foreign people the President finds, on or after August 10, 2012, to have knowingly done any of the following: helped, funded, or gave goods, services, or technology to Iran’s Revolutionary Guard Corps (or its blocked officials, agents, or affiliates); done significant business with the Guard Corps or with people identified under section 8741(a)(1) or paragraph (4)(A) of section 8513(c); or done significant business with people under United Nations Security Council Resolutions 1737, 1747, 1803, or 1929 (or other UN Iran sanctions), including people acting for or controlled by those people. The report must be unclassified but can have a classified annex. Barter deals count as transactions. If the President finds a foreign person knowingly did one of these things, the President must impose at least 5 sanctions listed in section 6(a) of the Iran Sanctions Act of 1996 (as amended) and may add other penalties under the International Emergency Economic Powers Act. The President can end sanctions if the person stops the activity and promises not to do it again. The President can also waive sanctions if the person stopped or if U.S. national security needs it, but must report the waiver and reasons to Congress (unclassified, with optional classified annex). The President may withhold public identification or designation if that would harm national security, but must tell the congressional committees. Many parts of the Iran Sanctions Act of 1996 also apply to these actions.