IIB 
115TH CONGRESS 
1ST SESSION H. R. 1638 
IN THE SENATE OF THE UNITED STATES 
DECEMBER 14, 2017 
Received; read twice and referred to the Committee on Banking, Housing, and 
Urban Affairs 
AN ACT 
To require the Secretary of the Treasury to submit a report 
to the appropriate congressional committees on the esti-
mated total assets under direct or indirect control by 
certain senior Iranian leaders and other figures, and 
for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
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SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Iranian Leadership 
Asset Transparency Act’’. 
SEC. 2. FINDINGS. 
The Congress finds the following: 
(1) Iran is characterized by high levels of offi-
cial and institutional corruption, and substantial in-
volvement by Iran’s security forces, particularly the 
Islamic Revolutionary Guard Corps (IRGC), in the 
economy. 
(2) Many members of Iran’s senior political and 
military leadership have acquired significant per-
sonal and institutional wealth by using their posi-
tions to secure control of significant portions of 
Iran’s national economy. 
(3) Sanctions relief provided through the Joint 
Comprehensive Plan of Action has resulted in the re-
moval of many Iranian entities that are tied to gov-
ernmental corruption from the list of entities sanc-
tioned by the United States. 
(4) The Department of Treasury in 2011 des-
ignated the Islamic Republic of Iran’s financial sec-
tor as a jurisdiction of primary money laundering 
concern under section 311 of the USA PATRIOT 
Act, stating ‘‘Treasury has for the first time identi-
fied the entire Iranian financial sector; including 
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Iran’s Central Bank, private Iranian banks, and 
branches, and subsidiaries of Iranian banks oper-
ating outside of Iran as posing illicit finance risks 
for the global financial system.’’. 
(5) Iran continues to be listed by the Financial 
Action Task Force (FATF) among the ‘‘Non-Coop-
erative Countries or Territories’’—countries which it 
perceived to be non-cooperative in the global fight 
against terror finance and money laundering. 
(6) Iran and North Korea are the only coun-
tries listed by the FATF as ‘‘Non-Cooperative Coun-
tries or Territories’’ against which FATF countries 
should take measures. 
(7) The Transparency International index of 
perceived public corruption ranks Iran 130th out of 
168 countries surveyed. 
(8) The State Department identified Iran as a 
‘‘major money-laundering country’’ in its Inter-
national 
Narcotics 
Control 
Strategy 
Report 
(INCSR) for 2016. 
(9) The State Department currently identifies 
Iran, along with Sudan and Syria, as a state sponsor 
of terrorism, ‘‘having repeatedly provided support 
for acts of international terrorism’’. 
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(10) The State Department’s ‘‘Country Reports 
on Terrorism’’, published last in July 2017, noted 
that ‘‘Iran continued to sponsor terrorist groups 
around the world, principally through its Islamic 
Revolutionary Guard Corps–Qods Force (IRGC– 
QF). These groups included Lebanese Hizballah, 
several Iraqi Shia militant groups, Hamas, and Pal-
estine Islamic Jihad. Iran, Hizballah, and other Shia 
militia continued to provide support to the Asad re-
gime, dramatically bolstering its capabilities, pro-
longing the civil war in Syria, and worsening the 
human rights and refugee crisis there.’’. 
(11) The Iranian Government’s tolerance of 
corruption and nepotism in business limits opportu-
nities for foreign and domestic investment, particu-
larly given the significant involvement of the IRGC 
in many sectors of Iran’s economy. 
(12) The IRGC and the leadership-controlled 
bonyads (foundations) control an estimated one-third 
of Iran’s total economy, including large portions of 
Iran’s telecommunications, construction, and airport 
and port operations. These operations give the IRGC 
and bonyads vast funds to support terrorist organi-
zations such as Hezbollah and Hamas. 
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(13) By gaining control of major economic sec-
tors, the IRGC and bonyads have also served to fur-
ther disadvantage the average Iranian. 
SEC. 3. REPORT REQUIREMENT RELATING TO ASSETS OF 
IRANIAN LEADERS AND CERTAIN SENIOR PO-
LITICAL FIGURES. 
(a) IN GENERAL.—Not later than 270 days after the 
date of enactment of this Act, and annually thereafter (or 
more frequently if the Secretary of the Treasury deter-
mines it appropriate based on new information received 
by the Secretary) for the following 2 years, the Secretary 
of the Treasury shall, in furtherance of the Secretary’s 
efforts to prevent the financing of terrorism, money laun-
dering, or related illicit finance and to make financial in-
stitutions’ required compliance with remaining sanctions 
more easily understood, submit a report to the appropriate 
congressional committees containing— 
(1) the estimated total funds or assets held in 
accounts at United States and foreign financial in-
stitutions that are under direct or indirect control by 
each natural person described in subsection (b) and 
a description of such assets; 
(2) an identification of any equity stake such 
natural person has in an entity on the Department 
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of the Treasury’s list of Specially Designated Na-
tionals or in any other sanctioned entity; 
(3) a description of how such funds or assets or 
equity interests were acquired, and how they have 
been used or employed; 
(4) a description of any new methods or tech-
niques used to evade anti-money laundering and re-
lated laws, including recommendations to improve 
techniques to combat illicit uses of the United States 
financial system by each natural person described in 
subsection (b); 
(5) recommendations for how United States 
economic sanctions against Iran may be revised to 
prevent the funds or assets described under this sub-
section from being used by the natural persons de-
scribed in subsection (b) to contribute— 
(A) to the continued development, testing, 
and procurement of ballistic missile technology 
by Iran; and 
(B) to human rights abuses; 
(6) a description of how the Department of the 
Treasury assesses the impact and effectiveness of 
United States economic sanctions programs against 
Iran; 
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(7) an assessment of the impact and effective-
ness of United States economic sanctions programs 
against Iran; and 
(8) recommendations for improving the ability 
of the Department of the Treasury to rapidly and ef-
fectively develop, implement, and enforce additional 
economic sanctions against Iran if so ordered by the 
President under the International Emergency Eco-
nomic Powers Act or other corresponding legislation. 
(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. 
(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. 
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(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. 
(19) The Chief Executive Officer of the Basij 
Cooperative Foundation. 
(20) The head of the Political Bureau of the 
IRGC. 
(21) The head of the Atomic Energy Organiza-
tion of Iran. 
(c) FORM OF REPORT; PUBLIC AVAILABILITY.— 
(1) FORM.—The report required under sub-
section (a) shall be submitted in unclassified form 
but may contain a classified annex. 
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(2) PUBLIC
AVAILABILITY.—The unclassified 
portion of such report shall be made available to the 
public and posted 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. 
(d) SOURCES OF INFORMATION.—In preparing a re-
port described under subsection (a), the Secretary of the 
Treasury may use any credible publication, database, web- 
based resource, public information compiled by any gov-
ernment agency, and any information collected or com-
piled by a nongovernmental organization or other entity 
provided to or made available to the Secretary, that the 
Secretary finds credible. 
(e) DEFINITIONS.—For purposes of this section: 
(1) APPROPRIATE
CONGRESSIONAL
COMMIT-
TEES.—The term ‘‘appropriate congressional com-
mittees’’ means the Committees on Financial Serv-
ices and Foreign Affairs of the House of Represent-
atives and the Committees on Banking, Housing, 
and Urban Affairs and Foreign Relations of the 
Senate. 
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(2) FUNDS.—The term ‘‘funds’’ means— 
(A) cash; 
(B) equity; 
(C) any other intangible asset whose value 
is derived from a contractual claim, including 
bank deposits, bonds, stocks, a security as de-
fined 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 Exchange Act of 1934 (15 U.S.C. 
78c(a)); and 
(D) anything else that the Secretary deter-
mines appropriate. 
SEC. 4. SENSE OF CONGRESS. 
It is the sense of Congress that in preparing the re-
ports required under section 3, the Secretary of the Treas-
ury should consider acquiring information from sources 
that— 
(1) collect and, if necessary, translate high-ve-
racity, official records; or 
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(2) provide search and analysis tools that en-
able law enforcement to have new insights into com-
mercial and financial relationships. 
Passed the House of Representatives December 13, 
2017. 
Attest: 
KAREN L. HAAS, 
Clerk. 
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