Title: Expanding Sanctions Against Iran's Revolutionary Guard Corps Act
Policy area: International Affairs

Summary:
Expanding Sanctions Against Iran's Revolutionary Guard Corps Act
This bill expresses the sense of Congress that: (1) persons who are owned or controlled by Iran's Revolutionary Guard Corps (IRGC) should be subject to a 25% beneficial ownership threshold rather than majority ownership threshold with respect to blocking property or property interests, and (2) such expanded sanctions would generate enhanced due diligence procedures by the private sector and others.
For purposes of this bill, a person "owns or controls" property if the person: (1) holds more than 25% of the equity interest by vote or value in the person; (2) holds a majority of seats on the board of directors of the person; or (3) otherwise controls the actions, policies, or personnel decisions of the person.
The Department of the Treasury shall prescribe regulations to apply the definition of "own or control" for purposes of blocking property or interests in property of persons who are owned or controlled by the IRGC.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4676 Introduced in House (IH)]

<DOC>






115th CONGRESS
  1st Session
                                H. R. 4676

  To direct the Secretary of the Treasury to prescribe regulations to 
    expand sanctions against persons owned or controlled by Iran's 
           Revolutionary Guard Corps, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           December 18, 2017

  Mr. McCaul introduced the following bill; which was referred to the 
                      Committee on Foreign Affairs

_______________________________________________________________________

                                 A BILL


 
  To direct the Secretary of the Treasury to prescribe regulations to 
    expand sanctions against persons owned or controlled by Iran's 
           Revolutionary Guard Corps, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Expanding Sanctions Against Iran's 
Revolutionary Guard Corps Act''.

SEC. 2. FINDINGS AND SENSE OF CONGRESS.

    (a) Findings.--Congress finds the following:
            (1) Iran's Revolutionary Guard Corps has been designated 
        under--
                    (A) Executive Order 13224 (September 23, 2001; 
                relating to Blocking Property and Prohibiting 
                Transactions with Persons who Commit, Threaten to 
                Commit, or Support Terrorism);
                    (B) Executive Order 13382 (June 28, 2005; relating 
                to Blocking Property of Weapons of Mass Destruction 
                Proliferators and Their Supporters);
                    (C) Executive Order 13553 (September 28, 2010; 
                relating to Blocking Property of Certain Persons With 
                Respect to Serious Human Rights Abuses by the 
                Government of Iran and Taking Certain Other Actions); 
                and
                    (D) Executive Order 13606 (April 22, 2012; relating 
                to Blocking the Property and Suspending Entry Into the 
                United States of Certain Persons With Respect to Grave 
                Human Rights Abuses by the Governments of Iran and 
                Syria via Information Technology).
            (2) Iran's Revolutionary Guard Corps controls a significant 
        portion of Iran's economy, and whose income makes it one of 
        Iran's most powerful economic actors.
            (3) Iran's Revolutionary Guard Corps benefits from limited 
        economic transparency, as demonstrated by Iran's continued 
        failure to meet its intergovernmental Financial Action Task 
        Force commitments.
            (4) Iran's Revolutionary Guard Corps carries out Iran's 
        destabilizing political goals across the Middle East and by 
        proxy worldwide.
    (b) Sense of Congress.--It is the sense of Congress that--
            (1) persons who are owned or controlled by Iran's 
        Revolutionary Guard Corps should be subject to a 25-percent 
        beneficial ownership threshold rather than majority ownership 
        threshold with respect to blocking property or interests in 
        property of such persons; and
            (2) such expanded sanctions would generate greater public 
        scrutiny and enhanced due diligence procedures by the private 
        sector and others.

SEC. 3. REGULATIONS TO EXPAND SANCTIONS AGAINST PERSONS OWNED OR 
              CONTROLLED BY IRAN'S REVOLUTIONARY GUARD CORPS.

    (a) In General.--Not later than 90 days after the date of the 
enactment of this Act, the Secretary of the Treasury shall prescribe 
regulations to apply the definition of ``own or control'' described in 
subsection (b) for purposes of blocking property or interests in 
property pursuant to the International Emergency Economic Powers Act 
(50 U.S.C. 1701 et seq.) of persons who are owned or controlled by 
Iran's Revolutionary Guard Corps.
    (b) Definition of ``Own or Control''.--The term ``own or control'' 
described in this subsection means, with respect to a person--
            (1) to hold more than 25 percent of the equity interest by 
        vote or value in the person;
            (2) to hold a majority of seats on the board of directors 
        of the person; or
            (3) to otherwise control the actions, policies, or 
        personnel decisions of the person.
    (c) Penalties.--A person that violates, attempts to violate, 
conspires to violate, or causes a violation of subsection (a) or any 
regulation, license, or order issued to carry out subsection (a) shall 
be subject to the penalties set forth in subsections (b) and (c) of 
section 206 of the International Emergency Economic Powers Act (50 
U.S.C. 1705) to the same extent as a person that commits an unlawful 
act described in subsection (a) of that section.
                                 <all>