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112TH CONGRESS 

1ST SESSION H. R. 3439 

To require the President to impose sanctions on foreign financial institutions 

that conduct transactions with the Central Bank of Iran if the President 

determines that the Central Bank of Iran has engaged in certain transactions relating to the proliferation of chemical, biological, or nuclear 

weapons or support for acts of international terrorism. 

IN THE HOUSE OF REPRESENTATIVES 

NOVEMBER 16, 2011 

Mr. FLAKE (for himself and Mr. MCINTYRE) introduced the following bill; 

which was referred to the Committee on Foreign Affairs, and in addition 

to the Committee on Financial Services, for a period to be subsequently 

determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned 

A BILL 

To require the President to impose sanctions on foreign 

financial institutions that conduct transactions with the 

Central Bank of Iran if the President determines that 

the Central Bank of Iran has engaged in certain transactions relating to the proliferation of chemical, biological, or nuclear weapons or support for acts of international terrorism. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

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HR 3439 IH1S 

1 SECTION 1. IMPOSITION OF SANCTIONS ON FOREIGN FI2 NANCIAL INSTITUTIONS THAT CONDUCT 

3 TRANSACTIONS OF THE CENTRAL BANK OF 

4 IRAN. 

5 Section 104 of the Comprehensive Iran Sanctions, 

6 Accountability, and Divestment Act of 2010 (22 U.S.C. 

7 8513) is amended— 

8 (1) by redesignating subsections (h) and (i) as 

9 subsections (i) and (j), respectively; and 

10 (2) by inserting after subsection (g) the fol11 lowing new subsection: 

12 ‘‘(h) IMPOSITION OF SANCTIONS ON FOREIGN FI13 NANCIAL INSTITUTIONS THAT CONDUCT TRANSACTIONS

14 OF THE CENTRAL BANK OF IRAN.— 

15 ‘‘(1) DETERMINATION REQUIRED.— 

16 ‘‘(A) IN GENERAL.—Not later than 30 

17 days after the date of the enactment of this 

18 subsection, the President shall determine 

19 whether the Central Bank of Iran has— 

20 ‘‘(i) provided financial services in sup21 port of, or otherwise facilitated, the ability 

22 of Iran to— 

23 ‘‘(I) acquire or develop chemical, 

24 biological, or nuclear weapons, or re25 lated technologies; 

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HR 3439 IH1S 

1 ‘‘(II) construct, equip, operate, or 

2 maintain nuclear enrichment facilities; 

3 or 

4 ‘‘(III) acquire or develop ballistic 

5 missiles, cruise missiles, or desta6 bilizing types and amounts of conven7 tional weapons; or 

8 ‘‘(ii) facilitated a transaction or pro9 vided financial services for— 

10 ‘‘(I) Iran’s Revolutionary Guard 

11 Corps; or 

12 ‘‘(II) a financial institution 

13 whose property or interests in prop14 erty are subject to sanctions imposed 

15 pursuant to the International Emer16 gency Economic Powers Act (50 

17 U.S.C. 1701 et seq.) in connection 

18 with— 

19 ‘‘(aa) Iran’s proliferation of 

20 weapons of mass destruction or 

21 delivery systems for weapons of 

22 mass destruction; or 

23 ‘‘(bb) Iran’s support for acts 

24 of international terrorism. 

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HR 3439 IH1S 

1 ‘‘(B) SUBMISSION TO CONGRESS.—The 

2 President shall submit in writing to the appro3 priate congressional committees the determina4 tion made under subparagraph (A) and the rea5 sons for the determination. 

6 ‘‘(2) IMPOSITION OF SANCTIONS.—If the Presi7 dent determines under paragraph (1)(A) that the 

8 Central Bank of Iran has engaged in an activity de9 scribed in that paragraph, the President shall imme10 diately— 

11 ‘‘(A) prohibit the opening or maintaining 

12 in the United States of a correspondent account 

13 or a payable-through account by a foreign fi14 nancial institution that the President deter15 mines has knowingly conducted any financial 

16 transaction with the Central Bank of Iran; and 

17 ‘‘(B) freeze and prohibit all transactions in 

18 all property and interests in property of each 

19 such foreign financial institution if such prop20 erty and interests in property are in the United 

21 States, come within the United States, or come 

22 within the possession or control of a United 

23 States person. 

24 ‘‘(3) APPLICABILITY.— 

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1 ‘‘(A) IN GENERAL.—Except as provided in 

2 subparagraph (B), paragraph (2) applies with 

3 respect to financial transactions commenced on 

4 or after the date of the enactment of this sub5 section. 

6 ‘‘(B) PETROLEUM TRANSACTIONS.—Para7 graph (2) applies with respect to financial 

8 transactions for the purchase of petroleum or 

9 petroleum products through the Central Bank 

10 of Iran commenced on or after the date that is 

11 180 days after the date of the enactment of this 

12 subsection. 

13 ‘‘(4) FOREIGN FINANCIAL INSTITUTION.—For 

14 purposes of this subsection, the term ‘foreign finan15 cial institution’ includes a financial institution owned 

16 or controlled by a foreign government.’’. 

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