IB 
Union Calendar No. 273 
118TH CONGRESS 
1ST SESSION H. R. 6245 
[Report No. 118–334] 
To require the Secretary of the Treasury to report on financial institutions’ 
involvement with officials of the Iranian Government, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
NOVEMBER 6, 2023 
Mr. HILL (for himself and Mr. VARGAS) introduced the following bill; which 
was referred to the Committee on Financial Services 
DECEMBER 19, 2023 
Additional sponsors: Ms. DE LA CRUZ and Mr. SESSIONS 
DECEMBER 19, 2023 
Reported with an amendment, committed to the Committee of the Whole 
House on the State of the Union, and ordered to be printed 
[Strike out all after the enacting clause and insert the part printed in italic] 
[For text of introduced bill, see copy of bill as introduced on November 6, 2023] 
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A BILL 
To require the Secretary of the Treasury to report on finan-
cial institutions’ involvement with officials of the Iranian 
Government, and for other purposes. 
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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 ‘‘Holding Iranian Lead-
ers Accountable Act of 2023’’. 
SEC. 2. FINDINGS. 
The Congress finds the following: 
(1) Iran is characterized by high levels of official 
and institutional corruption, and substantial involve-
ment by Iran’s security forces, particularly the Is-
lamic Revolutionary Guard Corps (IRGC), in the 
economy. 
(2) The Department of Treasury in 2019 des-
ignated the Islamic Republic of Iran’s financial sector 
as a jurisdiction of primary money laundering con-
cern, concluding, ‘‘Iran has developed covert methods 
for accessing the international financial system and 
pursuing its malign activities, including misusing 
banks and exchange houses, operating procurement 
networks that utilize front or shell companies, exploit-
ing commercial shipping, and masking illicit trans-
actions 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-
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creased supervisory examination for branches and 
subsidiaries of financial institutions based in Iran. 
The FATF later called upon its members to introduce 
enhanced relevant reporting mechanisms or system-
atic reporting of financial transactions, and require 
increased external audit requirements, for financial 
groups with respect to any of their branches and sub-
sidiaries located in Iran. 
(4) According to the State Department’s ‘‘Coun-
try Reports on Terrorism’’ in 2021, ‘‘Iran continued 
to be the leading state sponsor of terrorism, facili-
tating a wide range of terrorist and other illicit ac-
tivities 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 REPORT.— 
(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— 
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(A) the estimated total funds or assets that 
are under direct or indirect control by each of 
the natural persons described under subsection 
(b), and a description of such funds or assets, ex-
cept that the President may limit coverage of the 
report to not fewer than 5 of such natural per-
sons in order to meet the submission deadline de-
scribed under this paragraph; 
(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 covered 
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 respect 
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the Secretary notifies the appropriate Members of 
Congress that the publication is in the national inter-
est of the United States and would substantially pro-
mote— 
(A) deterring or sanctioning official corrup-
tion in Iran; 
(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 por-
tion of a report public pursuant to paragraph (2), the 
Secretary shall make it available to the public on the 
website of the Department of the Treasury— 
(A) in English, Farsi, Arabic, and Azeri; 
and 
(B) in precompressed, easily downloadable 
versions that are made available in all appro-
priate formats. 
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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 shall undertake the following with re-
spect to a financial institution that is described under sec-
tion 3(a)(1)(C) and listed in the report: 
(1) If the financial institution is a United States 
financial institution, require the closure of any ac-
count described in section 3(a)(1)(C)(i), and prohibit 
the provision of significant financial services, directly 
or indirectly, to a natural person covered by the re-
port. 
(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, as appropriate. 
(b) SUSPENSION.—The Secretary may suspend the ap-
plication of subsection (a) with respect to a financial insti-
tution upon reporting to the appropriate Members of Con-
gress that the suspension is in the national interest of the 
United States, with a detailed explanation of the reasons 
therefor. 
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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 require-
ments under title V of the National Security Act of 
1947 (50 U.S.C. 3091 et seq.), or to any authorized 
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-
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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— 
(1) the date that is 5 years after the date of en-
actment of this Act; or 
(2) 30 days after the Secretary reports in writ-
ing 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 stra-
tegic objective that is important to the national 
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 Rep-
resentatives, the Majority Leader and Minority Lead-
er of the Senate, the Chairman and Ranking Member 
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of the Committee on Financial Services of the House 
of Representatives, and the Chairman and Ranking 
Member of the Committee on Banking, Housing, and 
Urban Affairs of the Senate. 
(2) FINANCIAL INSTITUTION.—The term ‘‘finan-
cial institution’’ means a United States financial in-
stitution 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 Fed-
eral 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 section 
2(a) of the Securities Act of 1933 (15 U.S.C. 
77b(a)), or a security or an equity security as 
defined in section 3(a) of the Securities Ex-
change 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 
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that a person has actual knowledge, or should have 
known, of the conduct, the circumstance, or the result. 
(6) SECRETARY.—The term ‘‘Secretary’’ means 
the Secretary of the Treasury. 
(7) UNITED STATES FINANCIAL INSTITUTION.— 
The term ‘‘United States financial institution’’ has 
the meaning given the term ‘‘U.S. financial institu-
tion’’ under section 561.309 of title 31, Code of Fed-
eral Regulations. 
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Union Calendar No. 273 
118TH CONGRESS 
1ST SESSION 
H. R. 6245 
[Report No. 118–334] 
A BILL 
To require the Secretary of the Treasury to report 
on financial institutions’ involvement with offi-
cials of the Iranian Government, and for other 
purposes. 
DECEMBER 19, 2023 
Reported with an amendment, committed to the Com-
mittee of the Whole House on the State of the Union, 
and ordered to be printed 
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