Expansion of, and reports on, mandatory sanctions with respect to financial institutions that engage in certain activities
(a)
In general
section 8513(c)(1) of this titlesection 8513(c)(2) of this titleNot later than 90 days after , the Secretary of the Treasury shall revise the regulations prescribed under to apply to a foreign financial institution described in subsection (b) to the same extent and in the same manner as those regulations apply to a foreign financial institution that the Secretary of the Treasury finds knowingly engages in an activity described in .
(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)
section 8513(c)(2) of this title knowingly facilitates, or participates or assists in, an activity described in , 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 , 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)
section 8513(c)(1) of this title the effect of the regulations prescribed under on the financial system and economy of Iran and capital flows to and from Iran; and
(B)
section 8513(c)(2)(E)(ii) of this title the ways in which funds move into and out of financial institutions described in , 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
Each report submitted under paragraph (1) shall be submitted in unclassified form but may contain a classified annex.
(d)
Definitions
In this section:
(1)
Financial institution
section 5312(a)(2) of title 31The term “financial institution” means a financial institution specified in subparagraph (A), (B), (C), (D), (E), (F), (G), (H), (I), (J), (K), (M), (N), (R), or (Z) of .
(2)
Foreign financial institution
section 8513(i) of this titleThe term “foreign financial institution” has the meaning of that term as determined by the Secretary of the Treasury pursuant to .
(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).