IIB 

115TH CONGRESS 

1ST SESSION H. R. 1638 

IN THE SENATE OF THE UNITED STATES 

DECEMBER 14, 2017 

Received; read twice and referred to the Committee on Banking, Housing, and 

Urban Affairs 

AN ACT 

To require the Secretary of the Treasury to submit a report 

to the appropriate congressional committees on the estimated total assets under direct or indirect control by 

certain senior Iranian leaders and other figures, and 

for other purposes. 

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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1 SECTION 1. SHORT TITLE. 

2 This Act may be cited as the ‘‘Iranian Leadership 

3 Asset Transparency Act’’. 

4 SEC. 2. FINDINGS. 

5 The Congress finds the following: 

6 (1) Iran is characterized by high levels of offi7 cial and institutional corruption, and substantial in8 volvement by Iran’s security forces, particularly the 

9 Islamic Revolutionary Guard Corps (IRGC), in the 

10 economy. 

11 (2) Many members of Iran’s senior political and 

12 military leadership have acquired significant per13 sonal and institutional wealth by using their posi14 tions to secure control of significant portions of 

15 Iran’s national economy. 

16 (3) Sanctions relief provided through the Joint 

17 Comprehensive Plan of Action has resulted in the re18 moval of many Iranian entities that are tied to gov19 ernmental corruption from the list of entities sanc20 tioned by the United States. 

21 (4) The Department of Treasury in 2011 des22 ignated the Islamic Republic of Iran’s financial sec23 tor as a jurisdiction of primary money laundering 

24 concern under section 311 of the USA PATRIOT 

25 Act, stating ‘‘Treasury has for the first time identi26 fied the entire Iranian financial sector; including 


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1 Iran’s Central Bank, private Iranian banks, and 

2 branches, and subsidiaries of Iranian banks oper3 ating outside of Iran as posing illicit finance risks 

4 for the global financial system.’’. 

5 (5) Iran continues to be listed by the Financial 

6 Action Task Force (FATF) among the ‘‘Non-Coop7 erative Countries or Territories’’—countries which it 

8 perceived to be non-cooperative in the global fight 

9 against terror finance and money laundering. 

10 (6) Iran and North Korea are the only coun11 tries listed by the FATF as ‘‘Non-Cooperative Coun12 tries or Territories’’ against which FATF countries 

13 should take measures. 

14 (7) The Transparency International index of 

15 perceived public corruption ranks Iran 130th out of 

16 168 countries surveyed. 

17 (8) The State Department identified Iran as a 

18 ‘‘major money-laundering country’’ in its Inter19 national Narcotics Control Strategy Report 

20 (INCSR) for 2016. 

21 (9) The State Department currently identifies 

22 Iran, along with Sudan and Syria, as a state sponsor 

23 of terrorism, ‘‘having repeatedly provided support 

24 for acts of international terrorism’’. 


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1 (10) The State Department’s ‘‘Country Reports 

2 on Terrorism’’, published last in July 2017, noted 

3 that ‘‘Iran continued to sponsor terrorist groups 

4 around the world, principally through its Islamic 

5 Revolutionary Guard Corps–Qods Force (IRGC– 

6 QF). These groups included Lebanese Hizballah, 

7 several Iraqi Shia militant groups, Hamas, and Pal8 estine Islamic Jihad. Iran, Hizballah, and other Shia 

9 militia continued to provide support to the Asad re10 gime, dramatically bolstering its capabilities, pro11 longing the civil war in Syria, and worsening the 

12 human rights and refugee crisis there.’’. 

13 (11) The Iranian Government’s tolerance of 

14 corruption and nepotism in business limits opportu15 nities for foreign and domestic investment, particu16 larly given the significant involvement of the IRGC 

17 in many sectors of Iran’s economy. 

18 (12) The IRGC and the leadership-controlled 

19 bonyads (foundations) control an estimated one-third 

20 of Iran’s total economy, including large portions of 

21 Iran’s telecommunications, construction, and airport 

22 and port operations. These operations give the IRGC 

23 and bonyads vast funds to support terrorist organi24 zations such as Hezbollah and Hamas. 


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1 (13) By gaining control of major economic sec2 tors, the IRGC and bonyads have also served to fur3 ther disadvantage the average Iranian. 

4 SEC. 3. REPORT REQUIREMENT RELATING TO ASSETS OF 

5 IRANIAN LEADERS AND CERTAIN SENIOR PO6 LITICAL FIGURES. 

7 (a) IN GENERAL.—Not later than 270 days after the 

8 date of enactment of this Act, and annually thereafter (or 

9 more frequently if the Secretary of the Treasury deter10 mines it appropriate based on new information received 

11 by the Secretary) for the following 2 years, the Secretary 

12 of the Treasury shall, in furtherance of the Secretary’s 

13 efforts to prevent the financing of terrorism, money laun14 dering, or related illicit finance and to make financial in15 stitutions’ required compliance with remaining sanctions 

16 more easily understood, submit a report to the appropriate 

17 congressional committees containing— 

18 (1) the estimated total funds or assets held in 

19 accounts at United States and foreign financial in20 stitutions that are under direct or indirect control by 

21 each natural person described in subsection (b) and 

22 a description of such assets; 

23 (2) an identification of any equity stake such 

24 natural person has in an entity on the Department 


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1 of the Treasury’s list of Specially Designated Na2 tionals or in any other sanctioned entity; 

3 (3) a description of how such funds or assets or 

4 equity interests were acquired, and how they have 

5 been used or employed; 

6 (4) a description of any new methods or tech7 niques used to evade anti-money laundering and re8 lated laws, including recommendations to improve 

9 techniques to combat illicit uses of the United States 

10 financial system by each natural person described in 

11 subsection (b); 

12 (5) recommendations for how United States 

13 economic sanctions against Iran may be revised to 

14 prevent the funds or assets described under this sub15 section from being used by the natural persons de16 scribed in subsection (b) to contribute— 

17 (A) to the continued development, testing, 

18 and procurement of ballistic missile technology 

19 by Iran; and 

20 (B) to human rights abuses; 

21 (6) a description of how the Department of the 

22 Treasury assesses the impact and effectiveness of 

23 United States economic sanctions programs against 

24 Iran; 


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1 (7) an assessment of the impact and effective2 ness of United States economic sanctions programs 

3 against Iran; and 

4 (8) recommendations for improving the ability 

5 of the Department of the Treasury to rapidly and ef6 fectively develop, implement, and enforce additional 

7 economic sanctions against Iran if so ordered by the 

8 President under the International Emergency Eco9 nomic Powers Act or other corresponding legislation. 

10 (b) PERSONS DESCRIBED.—The natural persons de11 scribed in this subsection are the following: 

12 (1) The Supreme Leader of Iran. 

13 (2) The President of Iran. 

14 (3) Members of the Council of Guardians. 

15 (4) Members of the Expediency Council. 

16 (5) The Minister of Intelligence and Security. 

17 (6) The Commander and the Deputy Com18 mander of the IRGC. 

19 (7) The Commander and the Deputy Com20 mander of the IRGC Ground Forces. 

21 (8) The Commander and the Deputy Com22 mander of the IRGC Aerospace Force. 

23 (9) The Commander and the Deputy Com24 mander of the IRGC Navy. 


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1 (10) The Commander of the Basij-e2 Mostaz’afin. 

3 (11) The Commander of the Qods Force. 

4 (12) The Commander in Chief of the Police 

5 Force. 

6 (13) The head of the IRGC Joint Staff. 

7 (14) The Commander of the IRGC Intelligence. 

8 (15) The head of the IRGC Imam Hussein Uni9 versity. 

10 (16) The Supreme Leader’s Representative at 

11 the IRGC. 

12 (17) The Chief Executive Officer and the 

13 Chairman of the IRGC Cooperative Foundation. 

14 (18) The Commander of the Khatam-al-Anbia 

15 Construction Head Quarter. 

16 (19) The Chief Executive Officer of the Basij 

17 Cooperative Foundation. 

18 (20) The head of the Political Bureau of the 

19 IRGC. 

20 (21) The head of the Atomic Energy Organiza21 tion of Iran. 

22 (c) FORM OF REPORT; PUBLIC AVAILABILITY.— 

23 (1) FORM.—The report required under sub24 section (a) shall be submitted in unclassified form 

25 but may contain a classified annex. 


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1 (2) PUBLIC AVAILABILITY.—The unclassified 

2 portion of such report shall be made available to the 

3 public and posted on the website of the Department 

4 of the Treasury— 

5 (A) in English, Farsi, Arabic, and Azeri; 

6 and 

7 (B) in precompressed, easily downloadable 

8 versions that are made available in all appro9 priate formats. 

10 (d) SOURCES OF INFORMATION.—In preparing a re11 port described under subsection (a), the Secretary of the 

12 Treasury may use any credible publication, database, web13 based resource, public information compiled by any gov14 ernment agency, and any information collected or com15 piled by a nongovernmental organization or other entity 

16 provided to or made available to the Secretary, that the 

17 Secretary finds credible. 

18 (e) DEFINITIONS.—For purposes of this section: 

19 (1) APPROPRIATE CONGRESSIONAL COMMIT20 TEES.—The term ‘‘appropriate congressional com21 mittees’’ means the Committees on Financial Serv22 ices and Foreign Affairs of the House of Represent23 atives and the Committees on Banking, Housing, 

24 and Urban Affairs and Foreign Relations of the 

25 Senate. 


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1 (2) FUNDS.—The term ‘‘funds’’ means— 

2 (A) cash; 

3 (B) equity; 

4 (C) any other intangible asset whose value 

5 is derived from a contractual claim, including 

6 bank deposits, bonds, stocks, a security as de7 fined in section 2(a) of the Securities Act of 

8 1933 (15 U.S.C. 77b(a)), or a security or an 

9 equity security as defined in section 3(a) of the 

10 Securities Exchange Act of 1934 (15 U.S.C. 

11 78c(a)); and 

12 (D) anything else that the Secretary deter13 mines appropriate. 

14 SEC. 4. SENSE OF CONGRESS. 

15 It is the sense of Congress that in preparing the re16 ports required under section 3, the Secretary of the Treas17 ury should consider acquiring information from sources 

18 that— 

19 (1) collect and, if necessary, translate high-ve20 racity, official records; or 


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1 (2) provide search and analysis tools that en2 able law enforcement to have new insights into com3 mercial and financial relationships. 

Passed the House of Representatives December 13, 

2017. 

Attest: KAREN L. HAAS, 

Clerk. 


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