IIB 
114TH CONGRESS 
2D SESSION 
H. R. 3662 
IN THE SENATE OF THE UNITED STATES 
FEBRUARY 3, 2016 
Received; read twice and referred to the Committee on Banking, Housing, and 
Urban Affairs 
AN ACT 
To enhance congressional oversight over the administration 
of sanctions against certain Iranian terrorism financiers, 
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 ‘‘Iran Terror Finance 
Transparency Act’’. 
SEC. 2. CERTIFICATION REQUIREMENT FOR REMOVAL OF 
FOREIGN FINANCIAL INSTITUTIONS, INCLUD-
ING 
IRANIAN 
FINANCIAL 
INSTITUTIONS, 
FROM THE LIST OF SPECIALLY DESIGNATED 
NATIONALS AND BLOCKED PERSONS. 
(a) IN GENERAL.—On or after July 19, 2015, the 
President may not remove a foreign financial institution, 
including an Iranian financial institution, described in 
subsection (b) from the list of specially designated nation-
als and blocked persons maintained by the Office of For-
eign Asset Control of the Department of the Treasury un-
less and until the President submits to the appropriate 
congressional committees a certification described in sub-
section (c) with respect to the foreign financial institution. 
(b) COVERED INSTITUTIONS.—A foreign financial in-
stitution, including an Iranian financial institution, de-
scribed in this subsection is a foreign financial institution 
listed in Attachment 3 or Attachment 4 to Annex II of 
the Joint Comprehensive Plan of Action. 
(c) CERTIFICATION.—The President may remove a 
foreign financial institution, including an Iranian financial 
institution, described in subsection (b) from the list of spe-
cially designated nationals and blocked persons main-
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tained by the Office of Foreign Asset Control of the De-
partment of the Treasury if the President submits to the 
appropriate congressional committees a certification that 
the foreign financial institution— 
(1) has not knowingly, directly or indirectly, fa-
cilitated a significant transaction or transactions or 
provided significant financial services for or on be-
half of— 
(A) Iran’s Revolutionary Guard Corps or 
any of its agents or affiliates whose property or 
interests in property are blocked pursuant to 
the International Emergency Economic Powers 
Act (50 U.S.C. 1701 et seq.); 
(B) a foreign terrorist organization for or 
on behalf of a person whose property or inter-
ests in property have been blocked pursuant to 
Executive Order No. 13224 (66 Fed. Reg. 
49079; relating to blocking property and pro-
hibiting transactions with persons who commit, 
threaten to commit, or support terrorism); and 
(C) a person whose property or interests in 
property are blocked pursuant to the Inter-
national Emergency Economic Powers Act in 
connection with Iran’s proliferation of weapons 
of mass destruction or delivery systems for 
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weapons of mass destruction, or to further 
Iran’s development of ballistic missiles and de-
stabilizing types and amounts of conventional 
weapons; and 
(2) no longer knowingly engages in illicit or de-
ceptive financial transactions or other activities. 
(d) FORM.—A certification described in subsection 
(c) shall be submitted in unclassified form, but may con-
tain a classified annex. 
(e) DEFINITIONS.—In this section: 
(1) 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. 
(2) FOREIGN TERRORIST ORGANIZATION.—The 
term ‘‘foreign terrorist organization’’ means any or-
ganization designated by the Secretary of State as a 
foreign terrorist organization in accordance with sec-
tion 219(a) of the Immigration and Nationality Act 
(8 U.S.C. 1189(a)). 
(3) IRANIAN
FINANCIAL
INSTITUTION.—The 
term ‘‘Iranian financial institution’’ has the meaning 
given the term in section 104A(d)(3) of the Com-
prehensive Iran Sanctions, Accountability, and Di-
vestment Act of 2010 (22 U.S.C. 8513b(d)(3)). 
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SEC. 3. CERTIFICATION REQUIREMENT FOR REMOVAL OF 
CERTAIN FOREIGN PERSONS FROM THE LIST 
OF SPECIALLY DESIGNATED NATIONALS AND 
BLOCKED PERSONS. 
(a) IN GENERAL.—On or after July 19, 2015, the 
President may not remove a foreign person described in 
subsection (b) from the list of specially designated nation-
als and blocked persons maintained by the Office of For-
eign Asset Control of the Department of the Treasury 
until the President submits to the appropriate congres-
sional committees a certification described in subsection 
(c) with respect to the foreign person. 
(b) COVERED PERSONS AND ENTITIES.—A foreign 
person described in this subsection is a foreign person list-
ed in Attachment 3 or Attachment 4 to Annex II of the 
Joint Comprehensive Plan of Action. 
(c) CERTIFICATION.—The President may remove a 
foreign person described in subsection (b) from the list 
of specially designated nationals and blocked persons 
maintained by the Office of Foreign Asset Control of the 
Department of the Treasury if the President submits to 
the appropriate congressional committees a certification 
that the foreign person— 
(1) has not knowingly assisted in, sponsored, or 
provided financial, material, or technological support 
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for, or financial or other services to or in support of 
terrorism or a terrorist organization; and 
(2) has not knowingly engaged in significant ac-
tivities or transactions that have materially contrib-
uted to the Government of Iran’s proliferation of 
weapons of mass destruction or their means of deliv-
ery (including missiles capable of delivering such 
weapons), including any efforts to manufacture, ac-
quire, possess, develop, transport, transfer, or use 
such item. 
(d) FORM.—A certification described in subsection 
(c) shall be submitted in unclassified form, but may con-
tain a classified annex. 
(e) DEFINITIONS.—In this section: 
(1) FOREIGN PERSON.—The term ‘‘foreign per-
son’’— 
(A) means— 
(i) an individual who is not a United 
States person; 
(ii) a corporation, partnership, or 
other nongovernmental entity which is not 
a United States person; or 
(iii) any representative, agent or in-
strumentality of, or an individual working 
on behalf of a foreign government; but 
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(B) does not include a foreign financial in-
stitution, including an Iranian financial institu-
tion, described in section 2(b). 
(2) 
UNITED
STATES
PERSON.—The 
term 
‘‘United States person’’ means— 
(A) a United States citizen or an alien law-
fully admitted for permanent residence to the 
United States; or 
(B) an entity organized under the laws of 
the United States or of any jurisdiction within 
the United States, including a foreign branch of 
such an entity. 
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 remove 
the designation of Iran as a jurisdiction of primary money 
laundering concern pursuant to section 5318A of title 31, 
United States Code, unless the President submits to the 
appropriate congressional committees a certification de-
scribed in subsection (b) with respect to Iran. 
(b) CERTIFICATION.—The President may remove the 
designation of Iran as a jurisdiction of primary money 
laundering concern if the President submits to the appro-
priate congressional committees a certification that the 
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Government of Iran is no longer engaged in support for 
terrorism, pursuit of weapons of mass destruction, and 
any illicit and deceptive 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. 
SEC. 5. APPLICABILITY OF CONGRESSIONAL REVIEW OF 
CERTAIN AGENCY RULEMAKING RELATING 
TO IRAN. 
(a) IN GENERAL.—Notwithstanding any other provi-
sion of law, any rule to amend or otherwise alter a covered 
regulatory provision as defined in subsection (c) that is 
published on or after the date of the enactment of this 
Act shall be deemed to be a rule or major rule (as the 
case may be) for purposes of chapter 8 of title 5, United 
States Code, and shall be subject to all applicable require-
ments of chapter 8 of title 5, United States Code. 
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(b) QUARTERLY REPORTS.—Not later than 60 days 
after the date of the enactment of this Act, and every 90 
days thereafter, the head of the applicable department or 
agency of the Federal Government shall submit to the ap-
propriate congressional committees a report on the oper-
ation of the licensing system under each covered regu-
latory provision as defined in subsection (c) for the pre-
ceding 2-year period, including— 
(1) the number and types of licenses applied 
for; 
(2) the number and types of licenses approved; 
(3) a summary of each license approved; 
(4) a summary of transactions conducted pur-
suant to a general license; 
(5) the average amount of time elapsed from 
the date of filing of a license application until the 
date of its approval; 
(6) the extent to which the licensing procedures 
were effectively implemented; and 
(7) a description of comments received from in-
terested parties about the extent to which the licens-
ing procedures were effective, after the applicable 
department or agency holds a public 30-day com-
ment period. 
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(c) DEFINITION.—In this section, the term ‘‘covered 
regulatory provision’’ means any provision of part 535, 
560, 561, or 1060 of title 31, Code of Federal Regula-
tions, as such part was in effect on June 1, 2015. 
SEC. 6. PROHIBITIONS AND CONDITIONS WITH RESPECT TO 
CERTAIN ACCOUNTS HELD BY FOREIGN FI-
NANCIAL INSTITUTIONS. 
Section 104(c)(2)(A)(ii) of the Comprehensive Iran 
Sanctions, Accountability, and Divestment Act of 2010 
(22 U.S.C. 8513(c)(2)(A)(ii)) is amended by adding at the 
end before the semicolon the following: ‘‘, including 
Hezbollah, Hamas, the Palestinian Islamic Jihad, and any 
affiliates or successors thereof’’. 
SEC. 7. DEFINITIONS. 
In this Act: 
(1) APPROPRIATE
CONGRESSIONAL
COMMIT-
TEES.—The term ‘‘appropriate congressional com-
mittees’’ has the meaning given the term in section 
14(2) of the Iran Sanctions Act of 1996 (Public 
Law 104–172; 50 U.S.C. 1701 note). 
(2) JOINT COMPREHENSIVE PLAN OF ACTION.— 
The term ‘‘Joint Comprehensive Plan of Action’’ 
means the Joint Comprehensive Plan of Action, 
signed at Vienna July 14, 2015, by Iran and by the 
People’s Republic of China, France, Germany, the 
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Russian Federation, the United Kingdom and the 
United States, with the High Representative of the 
European Union for Foreign Affairs and Security 
Policy, and all implementing materials and agree-
ments related to the Joint Comprehensive Plan of 
Action, and transmitted by the President to Con-
gress on July 19, 2015, pursuant to section 135(a) 
of the Atomic Energy Act of 1954, as amended by 
the Iran Nuclear Agreement Review Act of 2015 
(Public Law 114–17; 129 Stat. 201). 
Passed the House of Representatives February 2, 
2016. 
Attest: 
KAREN L. HAAS, 
Clerk. 
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