I 
117TH CONGRESS 
1ST SESSION H. R. 4592 
To require the President to report on financial institutions’ involvement with 
officials of the Iranian Government, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JULY 21, 2021 
Mr. HILL (for himself and Mr. LAWSON of Florida) introduced the following 
bill; which was referred to the Committee on Financial Services 
A BILL 
To require the President to report on financial institutions’ 
involvement with officials of the Iranian Government, 
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 ‘‘Holding Iranian Lead-
ers Accountable Act of 2021’’. 
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 
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Islamic Revolutionary Guard Corps (IRGC), in the 
economy. 
(2) In 2019, the Department of the Treasury 
concluded that Iran is a jurisdiction of primary 
money laundering concern and imposed restrictions 
on correspondent accounts in the United States in-
volving Iranian financial institutions. 
(3) In June 2019, the Financial Action Task 
Force (FATF) urged all jurisdictions to require in-
creased supervisory examination for branches and 
subsidiaries of financial institutions based in Iran. 
The FATF later called upon its members to intro-
duce enhanced relevant reporting mechanisms or 
systematic reporting of financial transactions, and 
require increased external audit requirements, for fi-
nancial groups with respect to any of their branches 
and subsidiaries located in Iran. 
(4) The Transparency International index of 
perceived public corruption ranks Iran 138th out of 
180 countries surveyed. 
(5) According to the State Department’s 
‘‘Country Reports on Terrorism’’ in 2018, ‘‘Iran re-
mains the world’s worst state sponsor of terrorism. 
The regime has spent nearly one billion dollars per 
year to support terrorist groups that serve as its 
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proxies and expand its malign influence across the 
globe. Tehran has funded international terrorist 
groups such as Hizballah, Hamas, and Palestinian 
Islamic Jihad.’’. 
SEC. 3. REPORT ON FINANCIAL INSTITUTIONS CONNECTED 
TO CERTAIN IRANIAN OFFICIALS. 
(a) FINANCIAL INSTITUTIONS REPORT.— 
(1) IN
GENERAL.—Not later than 180 days 
after the date of the enactment of this Act, and an-
nually thereafter for 2 years, the President shall 
submit a report to the appropriate Members of Con-
gress containing— 
(A) the estimated total funds held in finan-
cial institutions that are under direct or indi-
rect control by each of five or more of the nat-
ural persons described under subsection (b), 
and a description of such funds; and 
(B) a list of any financial institutions 
that— 
(i) maintain an account in connection 
with significant funds described in sub-
paragraph (A); or 
(ii) knowingly provide significant fi-
nancial services to a natural person cov-
ered by the report. 
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(2) BRIEFING REQUIRED.—Not later than 60 
days after submitting a report described under para-
graph (1), the Secretary of the Treasury, or a des-
ignee of the Secretary, shall brief the appropriate 
Members of Congress on the funds covered by the 
report, including a description of how the funds were 
acquired, and any illicit or corrupt means employed 
to acquire or use the funds. 
(3) EXEMPTIONS.—The requirements described 
under paragraph (1) may not be applied with re-
spect to a natural person or a financial institution, 
as the case may be, if the President determines: 
(A) The funds described under subpara-
graph (A) of paragraph (1) were primarily ac-
quired through legal or noncorrupt means. 
(B) The natural person has agreed to pro-
vide significant cooperation to the United 
States for an important national security or law 
enforcement purpose with respect to Iran. 
(C) A financial institution that would oth-
erwise be listed in the report required by para-
graph (1) has agreed to— 
(i) no longer maintain an account de-
scribed under subparagraph (C)(i) of para-
graph (1); 
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(ii) no longer provide significant fi-
nancial services to a natural person cov-
ered by the report; or 
(iii) provide significant cooperation to 
the United States for an important na-
tional security or law enforcement purpose 
with respect to Iran. 
(4) WAIVER.—The President may waive for up 
to 1 year at a time any requirement under para-
graph (1) with respect to a natural person or a fi-
nancial institution after reporting in writing to the 
appropriate Members of Congress that the waiver is 
in the national interest of the United States, with a 
detailed explanation of the reasons therefor. 
(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. 
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(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. 
(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 senior leadership, as determined by 
the President, of any terrorist group or regional 
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proxy force supported by the Government of Iran, 
including Hizballah, Hamas, Palestinian Islamic 
Jihad, and Kata’ib Hizballah. 
(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. 
(2) PUBLIC
AVAILABILITY.—The President 
shall make the unclassified portion of such report 
public upon determining that the publication would 
substantially promote any of the following: 
(A) Deterring or sanctioning official cor-
ruption in Iran. 
(B) Holding natural persons listed in the 
report accountable to the people of Iran. 
(C) Combating money laundering or the fi-
nancing of terrorism. 
(D) Achieving any other strategic objective 
with respect to the Government of Iran. 
(3) WAIVER.—The President may waive the re-
quirements of paragraph (2) upon reporting in writ-
ing to the appropriate Members of Congress that the 
waiver is in the national interest of the United 
States, with a detailed explanation of the reasons 
therefor. 
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(4) FORMAT
OF
PUBLICLY
AVAILABLE
RE-
PORTS.—If the President makes the unclassified 
portion of a report public pursuant to paragraph 
(2), the Secretary of the Treasury shall make it 
available to the public on the website of the Depart-
ment 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. 
SEC. 4. SUNSET. 
The provisions of this Act shall have no force or effect 
on the earlier of— 
(1) the date that is 3 years after the date of en-
actment of this Act; or 
(2) 30 days after the President 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 
strategic objective that is important to the na-
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tional interest of the United States, as specified 
in the report by the President. 
SEC. 5. 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 Representatives, the majority leader and minority 
leader of the Senate, the Chairman and Ranking 
Member 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 ‘‘fi-
nancial institution’’ means a United States financial 
institution 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 Federal Regulations. 
(4) FUNDS.—The term ‘‘funds’’ has the mean-
ing given to such term by the Secretary of the 
Treasury. 
(5) KNOWINGLY.—The term ‘‘knowingly’’ with 
respect to conduct, a circumstance, or a result, 
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means that a person has actual knowledge, or should 
have known, of the conduct, the circumstance, or the 
result. 
(6) 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 
Federal Regulations. 
Æ 
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