IB 

Union Calendar No. 335 

115TH CONGRESS 

1ST SESSION H. R. 1638 

[Report No. 115–453, Part I] 

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. 

IN THE HOUSE OF REPRESENTATIVES 

MARCH 20, 2017 

Mr. POLIQUIN introduced the following bill; which was referred to the Committee on Financial Services, and in addition to the Committee on Foreign Affairs, 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 

DECEMBER 7, 2017 

Reported from the Committee on Financial Services with an amendment 

[Strike out all after the enacting clause and insert the part printed in italic] 

DECEMBER 7, 2017 

The Committee on Foreign Affairs discharged; committed to the Committee 

of the Whole House on the State of the Union and ordered to be printed 

[For text of introduced bill, see copy of bill as introduced on March 20, 2017] 


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A BILL 

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. 


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

3 SECTION 1. SHORT TITLE. 

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

5 Asset Transparency Act’’. 

6 SEC. 2. FINDINGS. 

7 The Congress finds the following: 

8 (1) Iran is characterized by high levels of official 

9 and institutional corruption, and substantial involve10 ment by Iran’s security forces, particularly the Is11 lamic Revolutionary Guard Corps (IRGC), in the 

12 economy. 

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

14 military leadership have acquired significant per15 sonal and institutional wealth by using their posi16 tions to secure control of significant portions of Iran’s 

17 national economy. 

18 (3) Sanctions relief provided through the Joint 

19 Comprehensive Plan of Action has resulted in the re20 moval of many Iranian entities that are tied to gov21 ernmental corruption from the list of entities sanc22 tioned by the United States. 

23 (4) The Department of Treasury in 2011 des24 ignated the Islamic Republic of Iran’s financial sector 

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1 cern under section 311 of the USA PATRIOT Act, 

2 stating ‘‘Treasury has for the first time identified the 

3 entire Iranian financial sector; including Iran’s Cen4 tral Bank, private Iranian banks, and branches, and 

5 subsidiaries of Iranian banks operating outside of 

6 Iran as posing illicit finance risks for the global fi7 nancial system.’’. 

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

9 Action Task Force (FATF) among the ‘‘Non-Coopera10 tive Countries or Territories’’—countries which it 

11 perceived to be non-cooperative in the global fight 

12 against terror finance and money laundering. 

13 (6) Iran and North Korea are the only countries 

14 listed by the FATF as ‘‘Non-Cooperative Countries or 

15 Territories’’ against which FATF countries should 

16 take measures. 

17 (7) The Transparency International index of 

18 perceived public corruption ranks Iran 130th out of 

19 168 countries surveyed. 

20 (8) The State Department identified Iran as a 

21 ‘‘major money-laundering country’’ in its Inter22 national Narcotics Control Strategy Report (INCSR) 

23 for 2016. 

24 (9) The State Department currently identifies 

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


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1 of terrorism, ‘‘having repeatedly provided support for 

2 acts of international terrorism’’. 

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

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

5 that ‘‘Iran continued to sponsor terrorist groups 

6 around the world, principally through its Islamic 

7 Revolutionary Guard Corps–Qods Force (IRGC–QF). 

8 These groups included Lebanese Hizballah, several 

9 Iraqi Shia militant groups, Hamas, and Palestine Is10 lamic Jihad. Iran, Hizballah, and other Shia militia 

11 continued to provide support to the Asad regime, dra12 matically bolstering its capabilities, prolonging the 

13 civil war in Syria, and worsening the human rights 

14 and refugee crisis there.’’. 

15 (11) The Iranian Government’s tolerance of cor16 ruption and nepotism in business limits opportunities 

17 for foreign and domestic investment, particularly 

18 given the significant involvement of the IRGC in 

19 many sectors of Iran’s economy. 

20 (12) The IRGC and the leadership-controlled 

21 bonyads (foundations) control an estimated one-third 

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

23 Iran’s telecommunications, construction, and airport 

24 and port operations. These operations give the IRGC 


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1 and bonyads vast funds to support terrorist organiza2 tions such as Hezbollah and Hamas. 

3 (13) By gaining control of major economic sec4 tors, the IRGC and bonyads have also served to fur5 ther disadvantage the average Iranian. 

6 SEC. 3. REPORT REQUIREMENT RELATING TO ASSETS OF 

7 IRANIAN LEADERS AND CERTAIN SENIOR PO8 LITICAL FIGURES. 

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

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

11 more frequently if the Secretary of the Treasury determines 

12 it appropriate based on new information received by the 

13 Secretary) for the following 2 years, the Secretary of the 

14 Treasury shall, in furtherance of the Secretary’s efforts to 

15 prevent the financing of terrorism, money laundering, or 

16 related illicit finance and to make financial institutions’ 

17 required compliance with remaining sanctions more easily 

18 understood, submit a report to the appropriate congres19 sional committees containing— 

20 (1) the estimated total funds or assets held in ac21 counts at U.S. and foreign financial institutions that 

22 are under direct or indirect control by each natural 

23 person described in subsection (b) and a description 

24 of such assets; 


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1 (2) an identification of any equity stake such 

2 natural person has in an entity on the Department 

3 of the Treasury’s list of Specially Designated Nation4 als or in any other sanctioned entity; 

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

6 equity interests were acquired, and how they have 

7 been used or employed; 

8 (4) a description of any new methods or tech9 niques used to evade anti-money laundering and re10 lated laws, including recommendations to improve 

11 techniques to combat illicit uses of the U.S. financial 

12 system by each natural person described in subsection 

13 (b); 

14 (5) recommendations for how U.S. economic 

15 sanctions against Iran may be revised to prevent the 

16 funds or assets described under this subsection from 

17 being used by the natural persons described in sub18 section (b) to contribute to the continued development, 

19 testing, and procurement of ballistic missile tech20 nology by Iran; 

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

22 Treasury assesses the impact and effectiveness of U.S. 

23 economic sanctions programs against Iran; and 

24 (7) recommendations for improving the ability of 

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1 tively develop, implement, and enforce additional eco2 nomic sanctions against Iran if so ordered by the 

3 President under the International Emergency Eco4 nomic Powers Act or other corresponding legislation. 

5 (b) PERSONS DESCRIBED.—The natural persons de6 scribed in this subsection are the following: 

7 (1) The Supreme Leader of Iran. 

8 (2) The President of Iran. 

9 (3) Members of the Council of Guardians. 

10 (4) Members of the Expediency Council. 

11 (5) The Minister of Intelligence and Security. 

12 (6) The Commander and the Deputy Commander 

13 of the IRGC. 

14 (7) The Commander and the Deputy Commander 

15 of the IRGC Ground Forces. 

16 (8) The Commander and the Deputy Commander 

17 of the IRGC Aerospace Force. 

18 (9) The Commander and the Deputy Commander 

19 of the IRGC Navy. 

20 (10) The Commander of the Basij-e-Mostaz’afin. 

21 (11) The Commander of the Qods Force. 

22 (12) The Commander in Chief of the Police 

23 Force. 

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

25 (14) The Commander of the IRGC Intelligence. 


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1 (15) The head of the IRGC Imam Hussein Uni2 versity. 

3 (16) The Supreme Leader’s Representative at the 

4 IRGC. 

5 (17) The Chief Executive Officer and the Chair6 man of the IRGC Cooperative Foundation. 

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

8 Construction Head Quarter. 

9 (19) The Chief Executive Officer of the Basij Co10 operative Foundation. 

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

12 IRGC. 

13 (21) The head of the Atomic Energy Organiza14 tion of Iran. 

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

16 (1) FORM.—The report required under subsection 

17 (a) shall be submitted in unclassified form but may 

18 contain a classified annex. 

19 (2) PUBLIC AVAILABILITY.—The unclassified por20 tion of such report shall be made available to the pub21 lic and posted on the website of the Department of the 

22 Treasury— 

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

24 and 


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1 (B) in precompressed, easily downloadable 

2 versions that are made available in all appro3 priate formats. 

4 (d) SOURCES OF INFORMATION.—In preparing a re5 port described under subsection (a), the Secretary of the 

6 Treasury may use any credible publication, database, web7 based resource, public information compiled by any govern8 ment agency, and any information collected or compiled by 

9 a nongovernmental organization or other entity provided 

10 to or made available to the Secretary, that the Secretary 

11 finds credible. 

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

13 (1) APPROPRIATE CONGRESSIONAL COMMIT14 TEES.—The term ‘‘appropriate congressional commit15 tees’’ means the Committees on Financial Services 

16 and Foreign Affairs of the House of Representatives 

17 and the Committees on Banking, Housing, and 

18 Urban Affairs and Foreign Relations of the Senate. 

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

20 (A) cash; 

21 (B) equity; 

22 (C) any other intangible asset whose value 

23 is derived from a contractual claim, including 

24 bank deposits, bonds, stocks, a security as defined 

25 in section 2(a) of the Securities Act of 1933 (15 


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1 U.S.C. 77b(a)), or a security or an equity secu2 rity as defined in section 3(a) of the Securities 

3 Exchange Act of 1934 (15 U.S.C. 78c(a)); and 

4 (D) anything else that the Secretary deter5 mines appropriate. 

6 SEC. 4. SENSE OF CONGRESS. 

7 It is the sense of Congress that in preparing the reports 

8 required under section 3, the Secretary of the Treasury 

9 should consider acquiring information from sources that— 

10 (1) collect and, if necessary, translate high-verac11 ity, official records; or 

12 (2) provide search and analysis tools that enable 

13 law enforcement to have new insights into commercial 

14 and financial relationships. 


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Union Calendar No. 335 

115TH CONGRESS 

1ST SESSION H. R. 1638 

[Report No. 115–453, Part I] 

A BILL 

To require the Secretary of the Treasury to submit 

and other figures, and for other purposes. indirect control by certain senior Iranian leaders tees on the estimated total assets under direct or a report to the appropriate congressional commitDECEMBER 7, 2017 

Reported from the Committee on Financial Services with 

an amendment 

DECEMBER 7, 2017 

The Committee on Foreign Affairs discharged; committed 

the Union and ordered to be printed to the Committee of the Whole House on the State of 


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