Title: Holding Iranian Leaders Accountable Act of 2020
Policy area: International Affairs

Summary:
Holding Iranian Leaders Accountable Act of 2020
This bill requires the President to report on the estimated total funds held in domestic and international financial institutions by certain Iranian leaders, and it requires the Department of the Treasury to brief Congress on any illicit or corrupt means employed to acquire or use such funds.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6081 Introduced in House (IH)]

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116th CONGRESS
  2d Session
                                H. R. 6081

     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

                             March 4, 2020

Mr. Hill of Arkansas (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 Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Holding Iranian Leaders Accountable 
Act of 2020''.

SEC. 2. FINDINGS.

    The Congress finds the following:
            (1) Iran is characterized by high levels of official and 
        institutional corruption, and substantial involvement by Iran's 
        security forces, particularly the 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 involving Iranian financial institutions.
            (3) In June 2019, the Financial Action Task Force (FATF) 
        urged all jurisdictions to require increased supervisory 
        examination for branches and subsidiaries of financial 
        institutions based in Iran. The FATF later called upon its 
        members to introduce enhanced relevant reporting mechanisms or 
        systematic reporting of financial transactions, and require 
        increased external audit requirements, for financial 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 remains 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 
        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 annually thereafter for 2 years, 
        the President shall submit a report to the appropriate Members 
        of Congress containing--
                    (A) the estimated total funds held in financial 
                institutions that are under direct or indirect control 
                by each of five or more of the natural 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 subparagraph 
                        (A); or
                            (ii) knowingly provide significant 
                        financial services to a natural person covered 
                        by the report.
            (2) Briefing required.--Not later than 60 days after 
        submitting a report described under paragraph (1), the 
        Secretary of the Treasury, or a designee 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 respect to a natural person or a 
        financial institution, as the case may be, if the President 
        determines:
                    (A) The funds described under subparagraph (A) of 
                paragraph (1) were primarily acquired through legal or 
                noncorrupt means.
                    (B) The natural person has agreed to provide 
                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 otherwise be 
                listed in the report required by paragraph (1) has 
                agreed to--
                            (i) no longer maintain an account described 
                        under subparagraph (C)(i) of paragraph (1);
                            (ii) no longer provide significant 
                        financial services to a natural person covered 
                        by the report; or
                            (iii) provide significant cooperation to 
                        the United States for an important national 
                        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 paragraph (1) with respect to a 
        natural person or a financial 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 described 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 Commander of the IRGC.
            (7) The Commander and the Deputy Commander of the IRGC 
        Ground Forces.
            (8) The Commander and the Deputy Commander of the IRGC 
        Aerospace Force.
            (9) The Commander and the Deputy Commander 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 University.
            (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 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 subsection (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 corruption in 
                Iran.
                    (B) Holding natural persons listed in the report 
                accountable to the people of Iran.
                    (C) Combating money laundering or the financing of 
                terrorism.
                    (D) Achieving any other strategic objective with 
                respect to the Government of Iran.
            (3) Waiver.--The President may waive the requirements of 
        paragraph (2) upon 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.
            (4) Format of publicly available reports.--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 Department of the 
        Treasury--
                    (A) in English, Farsi, Arabic, and Azeri; and
                    (B) in precompressed, easily downloadable versions 
                that are made available in all appropriate 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 enactment of 
        this Act; or
            (2) 30 days after the President reports in writing 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 national 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 ``financial 
        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 meaning given to 
        such term by the Secretary of the Treasury.
            (5) Knowingly.--The term ``knowingly'' with respect to 
        conduct, a circumstance, or a result, 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 institution'' under section 561.309 of title 
        31, Code of Federal Regulations.
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