I 
112TH CONGRESS 
2D SESSION 
H. R. 4179 
To strengthen the multilateral sanctions regime with respect to Iran, to 
expand sanctions relating to the energy sector of Iran, the proliferation 
of weapons of mass destruction by Iran, and human rights abuses in 
Iran, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
MARCH 8, 2012 
Mr. SHERMAN (for himself and Ms. ROS-LEHTINEN) introduced the following 
bill; which was referred to the Committee on Foreign Affairs, and in ad-
dition to the Committees on Financial Services, the Judiciary, and Over-
sight and Government Reform, for a period to be subsequently deter-
mined by the Speaker, in each case for consideration of such provisions 
as fall within the jurisdiction of the committee concerned 
A BILL 
To strengthen the multilateral sanctions regime with respect 
to Iran, to expand sanctions relating to the energy sector 
of Iran, the proliferation of weapons of mass destruction 
by Iran, and human rights abuses in 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 ‘‘Iran Financial Sanc-
tions Improvement Act of 2012’’. 
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SEC. 2. REPORTS ON, AND AUTHORIZATION OF IMPOSITION 
OF SANCTIONS WITH RESPECT TO, THE PRO-
VISION OF SERVICES TO THE CENTRAL BANK 
OF IRAN AND IRANIAN FINANCIAL INSTITU-
TIONS. 
(a) REPORT ON THE PROVISION OF SERVICES TO 
IRANIAN FINANCIAL INSTITUTIONS.—Not later than 60 
days after the date of the enactment of this Act, the 
Comptroller General of the United States shall submit to 
the appropriate congressional committees a list of all 
known entities that provide services to, or enable or facili-
tate access to services for, the Central Bank of Iran or 
any Iranian financial institution. 
(b) REPORT ON EFFORTS TO TERMINATE THE PRO-
VISION BY CERTAIN ENTITIES OF SERVICES TO IRANIAN 
FINANCIAL INSTITUTIONS.—Not later than 90 days after 
the date of the enactment of this Act, the Secretary of 
the Treasury shall submit to the appropriate congressional 
committees a report on the status of efforts to ensure that 
the Society for Worldwide Interbank Financial Tele-
communication 
(commonly 
known 
as 
‘‘SWIFT’’), 
Clearstream, and other entities that provide similar serv-
ices, have terminated the provision of services to, and the 
enabling and facilitation of access to services for, the Cen-
tral Bank of Iran and other Iranian financial institutions. 
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(c) AUTHORIZATION FOR THE IMPOSITION OF SANC-
TIONS.—If, on or after the date that is 90 days after the 
date of the enactment of this Act, an entity has not termi-
nated the provision of services to, or the enabling and fa-
cilitation of access to services for, the Central Bank of 
Iran or any other Iranian financial institution, the Presi-
dent may— 
(1) impose sanctions pursuant to the Inter-
national Emergency Economic Powers Act (50 
U.S.C. 1701 et seq.) with respect to the entity or its 
directors; and 
(2) in the case of an entity that is a foreign fi-
nancial institution, prohibit, or impose strict condi-
tions on, the opening or maintaining in the United 
States of a correspondent account or payable- 
through account by the entity. 
(d) ADDITIONAL SANCTIONS.—Section 104(c)(2) of 
the Comprehensive Iran Sanctions, Accountability, and 
Divestment Act of 2010 (22 U.S.C. 8513(c)(2)) is amend-
ed— 
(1) in subparagraph (D), by striking ‘‘or’’ at 
the end; 
(2) in subparagraph (E)(ii)(II), by striking the 
period at the end and inserting ‘‘; or’’; and 
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(3) by adding at the end the following new sub-
paragraph: 
‘‘(F) employs a member of the board of di-
rectors of an entity that has not, by the time 
period specified in section 2(c) of the Iran Fi-
nancial Sanctions Improvement Act of 2012, 
terminated the provision of services to, or the 
enabling and facilitation of access to services 
for, the Central Bank of Iran or any other Ira-
nian financial institution (as defined in sub-
section (j)(1)(E)) and— 
‘‘(i) provides services relating to se-
cure 
communications, 
electronic 
funds 
transfers, or cable transfers; and 
‘‘(ii) provides such services to, or en-
ables or facilitates access to such services 
for, the Central Bank of Iran or any Ira-
nian financial institution; or’’. 
(e) REGULATIONS.—Not later than 90 days after the 
date of the enactment of this Act, the Secretary of the 
Treasury shall revise the regulations prescribed under sec-
tion 104(c) of the Comprehensive Iran Sanctions, Ac-
countability, and Divestment Act of 2010 (22 U.S.C. 
8513(c)) to carry out the amendments made by subsection 
(d) of this section. 
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(4) SERVICES.—The term ‘‘services’’ includes 
communications, or financial (including trade and 
post-trade), hardware, software, or professional con-
sulting services. 
SEC. 3. EXPANSION OF CERTAIN SANCTIONS UNDER THE 
COMPREHENSIVE 
IRAN 
SANCTIONS, 
AC-
COUNTABILITY, AND DIVESTMENT ACT OF 
2010 TO APPLY WITH RESPECT TO ALL IRA-
NIAN FINANCIAL INSTITUTIONS. 
(a) IN GENERAL.—Section 104(c)(2) of the Com-
prehensive Iran Sanctions, Accountability, and Divestment 
Act of 2010 (22 U.S.C. 8513(c)(2)) (as amended by sec-
tion 2(d) of this Act) is further amended— 
(1) in subparagraph (E)— 
(A) in clause (i), by striking ‘‘or’’ at the 
end; and 
(B) by adding at the end the following new 
clause: 
‘‘(iii) any other Iranian financial insti-
tution (as defined in subsection (j)(1)(E)); 
or’’; and 
(2) by adding at the end the following new sub-
paragraph: 
‘‘(G) fails to submit a report required by 
subsection (i).’’. 
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(b) PUBLIC DISCLOSURE OF FINANCIAL DEALINGS 
WITH IRANIAN FINANCIAL INSTITUTIONS.—Section 104 
of the Comprehensive Iran Sanctions, Accountability, and 
Divestment Act of 2010 (22 U.S.C. 8513) is amended— 
(1) by redesignating subsection (i) as subsection 
(j); and 
(2) by inserting after subsection (h) the fol-
lowing new subsection: 
‘‘(i) REQUIREMENTS FOR FOREIGN FINANCIAL IN-
STITUTIONS MAINTAINING CORRESPONDENT ACCOUNTS 
OR
PAYABLE-THROUGH
ACCOUNTS
IN
THE
UNITED 
STATES.— 
‘‘(1) IN GENERAL.—Not later than 180 days 
after the date of the enactment of the Iran Financial 
Sanctions Improvement Act of 2012 and every 180 
days thereafter, each head of a foreign financial in-
stitution that maintains a correspondent account or 
a payable-through account in the United States shall 
submit to the Secretary of the Treasury a report 
that describes any financial dealings of the foreign 
financial institution with an Iranian financial insti-
tution during the 180-day period preceding the sub-
mission of each such report, including— 
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‘‘(A) correspondent accounts and payable- 
through accounts maintained with an Iranian 
financial institution; 
‘‘(B) transactions conducted with or facili-
tated for an Iranian financial institution; 
‘‘(C) services provided to an Iranian finan-
cial institution; and 
‘‘(D) funds held for or on behalf of an Ira-
nian financial institution. 
‘‘(2) PUBLIC DISCLOSURE.—The Secretary of 
the Treasury shall post a copy of each such report 
submitted under paragraph (1) on the website of the 
Department of the Treasury not later than 72 hours 
after the report is submitted.’’. 
(c) IRANIAN FINANCIAL INSTITUTION DEFINED.— 
Paragraph (1) of section 104(j) of the Comprehensive Iran 
Sanctions, Accountability, and Divestment Act of 2010 
(22 U.S.C. 8513(j)) (as redesignated by subsection (b) of 
this section) is amended— 
(1) by redesignating subparagraph (E) as sub-
paragraph (F); and 
(2) by inserting after subparagraph (D) the fol-
lowing new subparagraph: 
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‘‘(E) IRANIAN FINANCIAL INSTITUTION.— 
The 
term 
‘Iranian 
financial 
institution’ 
means— 
‘‘(i) a financial institution organized 
under the laws of Iran or any jurisdiction 
within Iran, including a foreign branch of 
such an institution; 
‘‘(ii) a financial institution located in 
Iran; 
‘‘(iii) a financial institution, wherever 
located, owned or controlled by the Govern-
ment of Iran; and 
‘‘(iv) a financial institution, wherever 
located, owned or controlled by a financial 
institution described in clause (i), (ii), or 
(iii).’’. 
(d) REGULATIONS.—Not later than 90 days after the 
date of the enactment of this Act, the Secretary of the 
Treasury shall make such revisions to the regulations pre-
scribed under section 104 of the Comprehensive Iran 
Sanctions, Accountability, and Divestment Act of 2010 
(22 U.S.C. 8513) as are necessary to carry out the amend-
ments made by this section. 
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SEC. 4. EXPANSION OF SANCTIONS UNDER THE NATIONAL 
DEFENSE AUTHORIZATION ACT FOR FISCAL 
YEAR 2012 TO APPLY WITH RESPECT TO 
TRANSACTIONS 
WITH 
AND 
THE 
MAINTE-
NANCE OF FUNDS OR ACCOUNTS FOR ALL 
IRANIAN FINANCIAL INSTITUTIONS. 
(a) IN GENERAL.—Section 1245(d) of the National 
Defense Authorization Act for Fiscal Year 2012 (Public 
Law 112–81) is amended— 
(1) in paragraph (1)(A), by striking ‘‘the Cen-
tral Bank of Iran’’ and all that follows through ‘‘et 
seq.)’’ and inserting ‘‘, or maintained funds or ac-
counts for or on behalf of, the Central Bank of Iran 
or another Iranian financial institution’’; and 
(2) by striking paragraph (3) and inserting the 
following: 
‘‘(3) APPLICABILITY OF SANCTIONS WITH RE-
SPECT
TO
FOREIGN
CENTRAL
BANKS.—Sanctions 
imposed under paragraph (1)(A) shall apply with re-
spect to a foreign financial institution owned or con-
trolled by the government of a foreign country, in-
cluding a central bank of a foreign country, to the 
same extent and in the same manner as such sanc-
tions apply to other foreign financial institutions.’’. 
(b) IRANIAN FINANCIAL INSTITUTION DEFINED.— 
Section 1245(h) of the National Defense Authorization 
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