Islamic Revolutionary Guard Corps (IRGC), in the 
economy. 
(2) The Department of Treasury in 2019 des-
ignated the Islamic Republic of Iran’s financial sec-
tor as a jurisdiction of primary money laundering 
concern, concluding, ‘‘Iran has developed covert 
methods for accessing the international financial sys-
tem and pursuing its malign activities, including 
misusing banks and exchange houses, operating pro-
curement networks that utilize front or shell compa-
nies, exploiting commercial shipping, and masking il-
licit transactions using senior officials, including 
those at the Central Bank of Iran (CBI).’’ 
(3) In June 2019, the Financial Action Task 
Force (FATF) urged all jurisdictions to require in-
creased supervisory examination for branches and 
subsidiaries of financial institutions based in Iran. 
The FATF later called upon its members to intro-
duce enhanced relevant reporting mechanisms or 
systematic reporting of financial transactions, and 
require increased external audit requirements, for fi-
nancial groups with respect to any of their branches 
and subsidiaries located in Iran. 
(4) According to the State Department’s 
‘‘Country Reports on Terrorism’’ in 2021, ‘‘Iran 
VerDate Sep 11 2014 
08:11 Nov 14, 2023
Jkt 049200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H6245.IH
H6245
kjohnson on DSK7ZCZBW3PROD with $$_JOB
continued to be the leading state sponsor of ter-
rorism, facilitating a wide range of terrorist and 
other illicit activities around the world. Regionally, 
Iran supported acts of terrorism in Bahrain, Iraq, 
Lebanon, Syria, and Yemen through proxies and 
partner groups such as Hizballah and Hamas.’’ 
SEC. 3. REPORT ON FINANCIAL INSTITUTIONS AND ASSETS 
CONNECTED TO CERTAIN IRANIAN OFFI-
CIALS. 
(a) FINANCIAL INSTITUTIONS
AND ASSETS RE-
PORT.— 
(1) IN
GENERAL.—Not later than 180 days 
after the date of the enactment of this Act, and 
every 2 years thereafter, the President shall submit 
a report to the appropriate Members of Congress 
containing— 
(A) the estimated total funds or assets 
that are under direct or indirect control by each 
of the natural persons described under sub-
section (b), and a description of such funds or 
assets, except that the President may limit cov-
erage of the report to not fewer than 5 of such 
natural persons in order to meet the submission 
deadline described under this paragraph; 
VerDate Sep 11 2014 
08:11 Nov 14, 2023
Jkt 049200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6201
E:\BILLS\H6245.IH
H6245
kjohnson on DSK7ZCZBW3PROD with $$_JOB
(B) a description of how such funds or as-
sets were acquired, and how they have been 
used or employed; 
(C) a list of any non-Iranian financial in-
stitutions that— 
(i) maintain an account in connection 
with funds or assets described in subpara-
graph (A); or 
(ii) knowingly provide significant fi-
nancial services to a natural person cov-
ered by the report; and 
(D) a description of any illicit or corrupt 
means employed to acquire or use such funds or 
assets. 
(2) EXEMPTIONS.—The requirements described 
under paragraph (1) may not be applied with re-
spect to a natural person or a financial institution, 
as the case may be, if the President determines: 
(A) The funds or assets described under 
subparagraph (A) of paragraph (1) were ac-
quired through legal or noncorrupt means. 
(B) The natural person has agreed to pro-
vide significant cooperation to the United 
States for an important national security or law 
enforcement purpose with respect to Iran. 
VerDate Sep 11 2014 
08:11 Nov 14, 2023
Jkt 049200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6201
E:\BILLS\H6245.IH
H6245
kjohnson on DSK7ZCZBW3PROD with $$_JOB
(C) A financial institution that would oth-
erwise be listed in the report required by para-
graph (1) has agreed to— 
(i) no longer maintain an account de-
scribed under subparagraph (C)(i) of para-
graph (1); 
(ii) no longer provide significant fi-
nancial services to a natural person cov-
ered by the report; or 
(iii) provide significant cooperation to 
the United States for an important na-
tional security or law enforcement purpose 
with respect to Iran. 
(3) WAIVER.—The President may waive for up 
to 1 year at a time any requirement under para-
graph (1) with respect to a natural person or a fi-
nancial institution after reporting in writing to the 
appropriate Members of Congress that the waiver is 
in the national interest of the United States, with a 
detailed explanation of the reasons therefor. 
(b) PERSONS DESCRIBED.—The natural persons de-
scribed in this subsection are the following: 
(1) The Supreme Leader of Iran. 
(2) The President of Iran. 
(3) Members of the Council of Guardians. 
VerDate Sep 11 2014 
08:11 Nov 14, 2023
Jkt 049200
PO 00000
Frm 00005
Fmt 6652
Sfmt 6201
E:\BILLS\H6245.IH
H6245
kjohnson on DSK7ZCZBW3PROD with $$_JOB
(4) Members of the Expediency Council. 
(5) The Minister of Intelligence and Security. 
(6) The Commander and the Deputy Com-
mander of the IRGC. 
(7) The Commander and the Deputy Com-
mander of the IRGC Ground Forces. 
(8) The Commander and the Deputy Com-
mander of the IRGC Aerospace Force. 
(9) The Commander and the Deputy Com-
mander of the IRGC Navy. 
(10) 
The 
Commander 
of 
the 
Basij-e- 
Mostaz’afin. 
(11) The Commander of the Qods Force. 
(12) The Commander in Chief of the Police 
Force. 
(13) The head of the IRGC Joint Staff. 
(14) The Commander of the IRGC Intelligence. 
(15) The head of the IRGC Imam Hussein Uni-
versity. 
(16) The Supreme Leader’s Representative at 
the IRGC. 
(17) The Chief Executive Officer and the 
Chairman of the IRGC Cooperative Foundation. 
(18) The Commander of the Khatam-al-Anbia 
Construction Head Quarter. 
VerDate Sep 11 2014 
08:11 Nov 14, 2023
Jkt 049200
PO 00000
Frm 00006
Fmt 6652
Sfmt 6201
E:\BILLS\H6245.IH
H6245
kjohnson on DSK7ZCZBW3PROD with $$_JOB
(19) The Chief Executive Officer of the Basij 
Cooperative Foundation. 
(20) The head of the Political Bureau of the 
IRGC. 
(21) The senior leadership as determined by the 
President of the following groups: 
(A) Hizballah. 
(B) Hamas. 
(C) Palestinian Islamic Jihad. 
(D) Kata’ib Hizballah. 
(c) FORM OF REPORT; PUBLIC AVAILABILITY.— 
(1) FORM.—The report required under sub-
section (a) and any waiver under subsection (a)(3) 
shall be submitted in unclassified form but may con-
tain a classified annex. 
(2) PUBLIC AVAILABILITY.—The Secretary of 
the Treasury shall make the unclassified portion of 
such report public if the Secretary notifies the ap-
propriate Members of Congress that the publication 
is in the national interest of the United States and 
would substantially promote— 
(A) deterring or sanctioning official cor-
ruption in Iran; 
VerDate Sep 11 2014 
08:11 Nov 14, 2023
Jkt 049200
PO 00000
Frm 00007
Fmt 6652
Sfmt 6201
E:\BILLS\H6245.IH
H6245
kjohnson on DSK7ZCZBW3PROD with $$_JOB
(B) holding natural persons or financial in-
stitutions listed in the report accountable to the 
people of Iran; 
(C) combating money laundering or the fi-
nancing of terrorism; or 
(D) achieving any other strategic objective 
with respect to the Government of Iran. 
(3) FORMAT
OF
PUBLICLY
AVAILABLE
RE- 
PORTS.—If the Secretary makes the unclassified 
portion of a report public pursuant to paragraph 
(2), the Secretary shall make it available to the pub-
lic on the website of the Department of the Treas-
ury— 
(A) in English, Farsi, Arabic, and Azeri; 
and 
(B) in precompressed, easily downloadable 
versions that are made available in all appro-
priate formats. 
SEC. 4. RESTRICTIONS ON CERTAIN FINANCIAL INSTITU-
TIONS. 
(a) IN GENERAL.—Not later than the date that is 
90 days after submitting a report described under section 
3(a)(1), the Secretary of the Treasury shall undertake the 
following with respect to a financial institution that is de-
scribed under section 3(a)(1)(C) and listed in the report: 
VerDate Sep 11 2014 
08:11 Nov 14, 2023
Jkt 049200
PO 00000
Frm 00008
Fmt 6652
Sfmt 6201
E:\BILLS\H6245.IH
H6245
kjohnson on DSK7ZCZBW3PROD with $$_JOB
(1) If the financial institution is a United 
States financial institution, require the closure of 
any account described in section 3(a)(1)(C)(i), and 
prohibit the provision of significant financial serv-
ices, directly or indirectly, to a natural person cov-
ered by the report. 
(2) If the financial institution is a foreign fi-
nancial institution, actively seek the closure of any 
account described in section 3(a)(1)(C)(i), and the 
cessation of significant financial services to a natural 
person covered by the report, using any existing au-
thorities of the Secretary of the Treasury, as appro-
priate. 
(b) SUSPENSION.—The Secretary of the Treasury 
may suspend the application of subsection (a) with respect 
to a financial institution upon reporting to the appropriate 
Members of Congress that the suspension is in the na-
tional interest of the United States, with a detailed expla-
nation of the reasons therefor. 
SEC. 5. EXCEPTIONS FOR NATIONAL SECURITY; IMPLEMEN-
TATION AUTHORITY. 
The following activities shall be exempt from require-
ments under sections 3 and 4: 
(1) Any activity subject to the reporting re-
quirements under title V of the National Security 
VerDate Sep 11 2014 
08:11 Nov 14, 2023
Jkt 049200
PO 00000
Frm 00009
Fmt 6652
Sfmt 6201
E:\BILLS\H6245.IH
H6245
kjohnson on DSK7ZCZBW3PROD with $$_JOB
Act of 1947 (50 U.S.C. 3091 et seq.), or to any au-
thorized intelligence activities of the United States. 
(2) The admission of an alien to the United 
States if such admission is necessary to comply with 
United States obligations under the Agreement be-
tween the United Nations and the United States of 
America regarding the Headquarters of the United 
Nations, signed at Lake Success June 26, 1947, and 
entered into force November 21, 1947, or under the 
Convention on Consular Relations, done at Vienna 
April 24, 1963, and entered into force March 19, 
1967, or other applicable international obligations of 
the United States. 
(3) The conduct or facilitation of a transaction 
for the sale of agricultural commodities, food, medi-
cine, or medical devices to Iran or for the provision 
of humanitarian assistance to the people of Iran, in-
cluding engaging in a financial transaction relating 
to humanitarian assistance or for humanitarian pur-
poses or transporting goods or services that are nec-
essary to carry out operations relating to humani-
tarian assistance or humanitarian purposes. 
SEC. 6. SUNSET. 
The provisions of this Act shall have no force or effect 
on the earlier of— 
VerDate Sep 11 2014 
08:11 Nov 14, 2023
Jkt 049200
PO 00000
Frm 00010
Fmt 6652
Sfmt 6201
E:\BILLS\H6245.IH
H6245
kjohnson on DSK7ZCZBW3PROD with $$_JOB
(1) the date that is 5 years after the date of en-
actment of this Act; or 
(2) 30 days after the Secretary of the Treasury 
reports in writing to the appropriate Members of 
Congress that— 
(A) Iran is not a jurisdiction of primary 
money laundering concern; or 
(B) the Government of Iran is providing 
significant cooperation to the United States for 
the purpose of preventing acts of international 
terrorism, or for the promotion of any other 
strategic objective that is important to the na-
tional interest of the United States, as specified 
in the report by the Secretary. 
SEC. 7. DEFINITIONS. 
For purposes of this Act: 
(1) APPROPRIATE MEMBERS OF CONGRESS.— 
The term ‘‘appropriate Members of Congress’’ 
means the Speaker and Minority Leader of the 
House of Representatives, the Majority Leader and 
Minority Leader of the Senate, the Chairman and 
Ranking Member of the Committee on Financial 
Services of the House of Representatives, and the 
Chairman and Ranking Member of the Committee 
VerDate Sep 11 2014 
08:11 Nov 14, 2023
Jkt 049200
PO 00000
Frm 00011
Fmt 6652
Sfmt 6201
E:\BILLS\H6245.IH
H6245
kjohnson on DSK7ZCZBW3PROD with $$_JOB
on Banking, Housing, and Urban Affairs of the Sen-
ate. 
(2) FINANCIAL
INSTITUTION.—The term ‘‘fi-
nancial institution’’ means a United States financial 
institution or a foreign financial institution. 
(3) FOREIGN
FINANCIAL
INSTITUTION.—The 
term ‘‘foreign financial institution’’ has the meaning 
given that term in section 561.308 of title 31, Code 
of Federal Regulations. 
(4) FUNDS.—The term ‘‘funds’’ means— 
(A) cash; 
(B) equity; 
(C) any other asset whose value is derived 
from a contractual claim, including bank depos-
its, bonds, stocks, a security as defined in sec-
tion 2(a) of the Securities Act of 1933 (15 
U.S.C. 77b(a)), or a security or an equity secu-
rity as defined in section 3(a) of the Securities 
Exchange Act of 1934 (15 U.S.C. 78c(a)); and 
(D) anything else that the Secretary deter-
mines appropriate. 
(5) KNOWINGLY.—The term ‘‘knowingly’’ with 
respect to conduct, a circumstance, or a result, 
means that a person has actual knowledge, or should 
VerDate Sep 11 2014 
08:11 Nov 14, 2023
Jkt 049200
PO 00000
Frm 00012
Fmt 6652
Sfmt 6201
E:\BILLS\H6245.IH
H6245
kjohnson on DSK7ZCZBW3PROD with $$_JOB