HR 4992 RFS 
foreign financial institution or the application of 
paragraph (2) with respect to a foreign registered 
broker or dealer in securities for a period not to ex-
ceed 60 days, and the President may renew the sus-
pension of the application of paragraph (1) or para-
graph (2), respectively, for additional periods of not 
more than 60 days, on and after the date on which 
the President certifies to the appropriate congres-
sional committees that during the preceding 60-day 
period the Government of Iran is in compliance with 
the criteria described in section 401(a)(1) of the 
Comprehensive Iran Sanctions, Accountability, and 
Divestment Act of 2010 (22 U.S.C. 8551(a)(1)). 
(c) LICENSING RESTRICTIONS.— 
(1) IN GENERAL.—Except as provided in para-
graph (2), the President may not issue any license 
under the International Emergency Economic Pow-
ers Act (50 U.S.C. 1701 et seq.) or provide other 
guidance, including executive actions, rules, regula-
tions, frequently asked questions, written commu-
nications, or any other commitments, that permits— 
(A) a United States depository institution 
or United States registered broker or dealer in 
securities— 
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(i) to conduct an offshore United 
States dollar clearing system for trans-
actions involving or for the benefit of the 
Government of Iran or an Iranian person, 
including to process transfers of funds to 
or from Iran under section 560.516 of title 
31, Code of Federal Regulations, as in ef-
fect on January 1, 2016; or 
(ii) to provide United States dollars 
for any offshore United States dollar clear-
ing system conducted or overseen by a for-
eign government or a foreign financial in-
stitution for transactions involving or for 
the benefit of the Government of Iran or 
an Iranian person, including to process 
transfers of funds to or from Iran under 
section 560.516 of title 31, Code of Fed-
eral Regulations, as in effect on January 
1, 2016; or 
(B) a foreign financial institution or for-
eign registered broker or dealer in securities— 
(i) to conduct an offshore United 
States dollar clearing system for trans-
actions involving or for the benefit of the 
Government of Iran or an Iranian person, 
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including to process transfers of funds to 
or from Iran under section 560.516 of title 
31, Code of Federal Regulations, as in ef-
fect on January 1, 2016, and as applied 
under subsection (b); or 
(ii) to provide United States dollars 
for any offshore United States dollar clear-
ing system conducted or overseen by a for-
eign government or a foreign financial in-
stitution for transactions involving or for 
the benefit of the Government of Iran or 
an Iranian person, including to process 
transfers of funds to or from Iran under 
section 560.516 of title 31, Code of Fed-
eral Regulations, as in effect on January 
1, 2016, and as applied under subsection 
(b). 
(2) EXCEPTION
FOR
HUMANITARIAN
PUR-
POSES.—The President may, on a case-by-case 
basis, issue a license described in paragraph (1) to 
authorize the activities described in clause (i) or (ii) 
of paragraph (1)(A) or the activities described in 
clause (i) or (ii) of paragraph (1)(B) if— 
(A) such activities relate solely to— 
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(i) the provision of agricultural com-
modities, food, medicine, or medical devices 
to Iran; or 
(ii) the provision of humanitarian as-
sistance to the people of Iran; and 
(B) the President submits to the appro-
priate congressional committees a copy of the li-
cense. 
(d) DEFINITIONS.—In this section: 
(1) APPROPRIATE
CONGRESSIONAL
COMMIT-
TEES.—The term ‘‘appropriate congressional com-
mittees’’ means— 
(A) the Committee on Foreign Affairs and 
the Committee on Financial Services of the 
House of Representatives; and 
(B) the Committee on Foreign Relations 
and the Committee on Banking, Housing, and 
Urban Affairs of the Senate. 
(2) FOREIGN
FINANCIAL
INSTITUTION.—The 
term ‘‘foreign financial institution’’ has the meaning 
given such term in section 1010.605 of title 31, 
Code of Federal Regulations, as in effect on January 
1, 2016. 
(3) IRAN.—The term ‘‘Iran’’ has the meaning 
given the term in section 561.329 of title 31, Code 
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of Federal Regulations, as in effect on January 1, 
2016. 
(4) IRANIAN PERSON.—The term ‘‘Iranian per-
son’’ means a person or entity (as such terms are 
defined in section 560.305 of title 31, Code of Fed-
eral Regulations, as in effect on January 1, 2016) 
that— 
(A) is organized under the laws of Iran or 
any jurisdiction within Iran (including foreign 
branches); or 
(B) is a person in Iran. 
(5) TRANSFER OF FUNDS.—The term ‘‘transfer 
of funds’’— 
(A) has the meaning given the term ‘‘funds 
transfer’’ in section 1010.100 of title 31, Code 
of Federal Regulations, as in effect on January 
1, 2016; and 
(B) includes a transfer of funds or other 
property for the benefit of an Iranian financial 
institution that is made between accounts of the 
same financial institution even if that Iranian 
financial institution is not the direct recipient 
of the transfer. 
(6) UNITED
STATES
DEPOSITORY
INSTITU-
TION.—The term ‘‘United States depository institu-
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tion’’ has the meaning given such term in section 
560.319 of title 31, Code of Federal Regulations, as 
in effect on January 1, 2016. 
(7) UNITED STATES REGISTERED BROKER OR 
DEALER IN SECURITIES.—The term ‘‘United States 
registered broker or dealers in securities’’ has the 
meaning given such term in section 560.321 of title 
31, Code of Federal Regulations, as in effect on 
January 1, 2016. 
SEC. 4. CERTIFICATION REQUIREMENT FOR REMOVAL OF 
DESIGNATION OF IRAN AS A JURISDICTION 
OF PRIMARY MONEY LAUNDERING CONCERN. 
(a) IN GENERAL.—The President may not rescind a 
preliminary draft rule or final rule (as in effect on the 
day before the date of the enactment of this Act) that pro-
vides for the designation of Iran as a jurisdiction of pri-
mary money laundering concern pursuant to section 
5318A of title 31, United States Code, unless the Presi-
dent submits to the appropriate congressional committees 
a certification described in subsection (b) with respect to 
Iran. 
(b) CERTIFICATION.—The President may rescind a 
preliminary draft rule or final rule described in subsection 
(a) if the President submits to the appropriate congres-
sional committees a certification that the Government of 
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Iran is no longer engaged in support for terrorism, pursuit 
of weapons of mass destruction, and any illicit and decep-
tive financial activities. 
(c) FORM.—The certification described in subsection 
(b) shall be submitted in unclassified form, but may con-
tain a classified annex. 
(d) DEFINITION.—In this section, the term ‘‘appro-
priate congressional committees’’ means— 
(1) the Committee on Foreign Affairs and the 
Committee on Financial Services of the House of 
Representatives; and 
(2) the Committee on Banking, Housing, and 
Urban Affairs of the Senate. 
Passed the House of Representatives July 14, 2016. 
Attest: 
KAREN L. HAAS, 
Clerk. 
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