22 USC 8513b - Expansion of, and reports on, mandatory sanctions with respect to financial institutions that engage in certain activities

U.S Code last checked for updates: Nov 22, 2024

§ 8513b.

Expansion of, and reports on, mandatory sanctions with respect to financial institutions that engage in certain activities

(a)

In general

(b)

Foreign financial institutions described

A foreign financial institution described in this subsection is a foreign financial institution, including an Iranian financial institution, that the Secretary of the Treasury finds—

(1)

knowingly facilitates, or participates or assists in, an activity described in section 8513(c)(2) of this title, including by acting on behalf of, at the direction of, or as an intermediary for, or otherwise assisting, another person with respect to the activity;

(2)

attempts or conspires to facilitate or participate in such an activity; or

(3)

is owned or controlled by a foreign financial institution that the Secretary finds knowingly engages in such an activity.

(c)

Reports required

(1)

In general

Not later than 180 days after August 10, 2012, and every 180 days thereafter, the Secretary of the Treasury shall submit to the appropriate congressional committees a report that contains a detailed description of—

(A)

the effect of the regulations prescribed under section 8513(c)(1) of this title on the financial system and economy of Iran and capital flows to and from Iran; and

(B)

the ways in which funds move into and out of financial institutions described in section 8513(c)(2)(E)(ii) of this title, with specific attention to the use of other Iranian financial institutions and other foreign financial institutions to receive and transfer funds for financial institutions described in that section.

(2)

Form of report

(d)

Definitions

In this section:

(1)

Financial institution

(2)

Foreign financial institution

(3)

Iranian financial institution

The term “Iranian financial institution” means—

(A)

a financial institution organized under the laws of Iran or any jurisdiction within Iran, including a foreign branch of such an institution;

(B)

a financial institution located in Iran;

(C)

a financial institution, wherever located, owned or controlled by the Government of Iran; and

(D)

a financial institution, wherever located, owned or controlled by a financial institution described in subparagraph (A), (B), or (C).

(Pub. L. 111–195, title I, § 104A, as added Pub. L. 112–158, title II, § 216(a), Aug. 10, 2012, 126 Stat. 1232; amended Pub. L. 116–283, div. F, title LXI, § 6110(e)(1)(B), Jan. 1, 2021, 134 Stat. 4563.)

cite as: 22 USC 8513b