I 
118TH CONGRESS 
1ST SESSION H. R. 5961 
To freeze certain Iranian funds involved in the 2023 hostage deal between 
the United States and Iran, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
OCTOBER 16, 2023 
Mr. MCCAUL (for himself, Mr. SCALISE, Ms. STEFANIK, Mr. WILSON of South 
Carolina, Mrs. RODGERS of Washington, Mr. BARR, Mr. BURCHETT, 
Mrs. WAGNER, Ms. SALAZAR, Mr. KEAN of New Jersey, Mr. BAIRD, Mr. 
SMITH of New Jersey, Mr. ISSA, Mr. MORAN, Mr. JAMES, Mr. WALTZ, 
Mr. SELF, Mrs. RADEWAGEN, Mr. MAST, Mr. MCCORMICK, Mrs. KIM of 
California, Mr. BUCK, Mr. MILLS, Mr. HUIZENGA, Mr. JACKSON of 
Texas, and Mr. LAWLER) introduced the following bill 
OCTOBER 25, 2023 
Referred to the Committee on Foreign Affairs 
A BILL 
To freeze certain Iranian funds involved in the 2023 hostage 
deal between the United States and Iran, and for other 
purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘No Funds for Iranian 
Terrorism Act’’. 
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SEC. 2. FINDINGS. 
Congress makes the following findings: 
(1) On October 7, 2023, Iran-backed Hamas 
terrorists launched a massive, unprovoked war on 
Israel by air, land, and sea, in which they engaged 
in the brutal murder of over 1,300 people and kid-
napped 130 people who are now being held hostage. 
(2) Hamas, Palestinian Islamic Jihad, and 
Hezbollah have all been designated by the United 
States as Foreign Terrorist Organizations pursuant 
to section 219 of the Immigration and Nationality 
Act (8 U.S.C. 1189). 
(3) According to an unclassified United States 
government assessment, ‘‘Iran has historically pro-
vided up to $100 million annually in combined sup-
port to Palestinian terrorist groups, including 
Hamas, Palestinian Islamic Jihad (PIJ), and the 
Popular Front for the Liberation of Palestine-Gen-
eral Command.’’. 
(4) As National Security Advisor Jake Sullivan 
stated on October 10, 2023, ‘‘Iran is complicit in 
this attack in a broad sense because they have pro-
vided the lion’s share of the funding for the military 
wing of Hamas, they have provided training, they 
have provided capabilities, they have provided sup-
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port, and they have provided engagement and con-
tact with Hamas over years and years.’’. 
SEC. 3. IMPOSITION OF SANCTIONS WITH RESPECT TO COV-
ERED IRANIAN ASSETS. 
(a) IN GENERAL.—On and after the date of the en-
actment of this Act, the President shall impose the sanc-
tion described in subsection (c) with respect to each for-
eign financial institution and each international financial 
institution that the President determines engages in an 
activity described in subsection (b). 
(b) ACTIVITIES DESCRIBED.—A foreign financial in-
stitution or international financial institution engages in 
an activity described in this subsection if the institution 
processes, participates in, or facilitates a transaction using 
or involving covered Iranian funds. 
(c) BLOCKING
OF PROPERTY.—The sanction de-
scribed in this subsection is the exercise of all of the pow-
ers granted to the President under the International 
Emergency Economic Powers Act (50 U.S.C. 1701 et 
seq.) to the extent necessary to block and prohibit all 
transactions in property and interests in property of a for-
eign financial institution or international financial institu-
tion described in subsection (a) if such property and inter-
ests in property are in the United States, come within the 
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United States, or are or come within the possession or 
control of a United States person. 
(d) PENALTIES.—The penalties provided for in sub-
sections (b) and (c) of section 206 of the International 
Emergency Economic Powers Act (50 U.S.C. 1705) shall 
apply to a person that violates, attempts to violate, con-
spires to violate, or causes a violation of this section or 
any regulations promulgated to carry out this section to 
the same extent that such penalties apply to a person that 
commits an unlawful act described in section 206(a) of 
that Act. 
(e) TERMINATION OF SANCTIONS.—The President 
shall not be required to impose sanctions under this sec-
tion with respect to a foreign financial institution or inter-
national financial institution described in subsection (a) 
if the President certifies in writing to the appropriate con-
gressional committees that the Government of Iran— 
(1) no longer repeatedly provides support for 
international terrorism as determined by the Sec-
retary of State pursuant to— 
(A) section 1754(c)(1)(A) of the Export 
Control Reform Act of 2018 (50 U.S.C. 
4318(c)(1)(A)); 
(B) section 620A of the Foreign Assistance 
Act of 1961 (22 U.S.C. 2371); 
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(C) section 40 of the Arms Export Control 
Act (22 U.S.C. 2780); or 
(D) any other provision of law; and 
(2) has ceased the pursuit, acquisition, and de-
velopment of, and verifiably dismantled its, nuclear, 
biological, and chemical weapons and ballistic mis-
siles and ballistic missile launch technology. 
SEC. 4. DEFINITIONS. 
In this Act: 
(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) COVERED IRANIAN FUNDS.—The term ‘‘cov-
ered Iranian funds’’ means any funds transferred 
from accounts in the Republic of Korea to Qatar 
pursuant to or under the authority or guaranty of 
a waiver, license, assurance letter, or other guidance 
issued pursuant to or in furtherance of the waiver 
determination made pursuant to sections 1244(i) 
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(22 U.S.C. 8803(i) and 1247(f) of the Iran Freedom 
and Counter-Proliferation Act of 2012 (22 U.S.C. 
8806(f)) and section 1245(d)(5) of the National De-
fense Authorization Act for Fiscal Year 2012 (22 
U.S.C. 8513a(d)(5)) that is the subject of the docu-
ment entitled ‘‘Waiver of Sanctions with Respect to 
the Transfer of Funds from the Republic of Korea 
to Qatar’’ and was transmitted to Congress in Sep-
tember 2023. 
(3) FOREIGN
FINANCIAL
INSTITUTION.—The 
term ‘‘foreign financial institution’’ has the meaning 
given such term under section 561.308 of title 31, 
Code of Federal Regulations. 
(4) 
INTERNATIONAL
FINANCIAL
INSTITU-
TION.—The term ‘‘international financial institu-
tion’’ has the meaning given such term in section 
1701(c) of the International Financial Institutions 
Act (22 U.S.C. 262r(c)). 
Æ 
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