A BILL
To strengthen the multilateral sanctions regime with respect to Iran, to expand sanctions relating to the financial and energy sectors of Iran, the proliferation of weapons of mass destruction by Iran, financing of terrorist activities and human rights abuses in Iran, 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 ”Iran Financial Disclosure and Sanctions Act of 2012.”
SEC. 2. IMPOSITION OF SANCTIONS ON U.S. AND FOREIGN FINANCIAL INSTITUTIONS THAT CONDUCT BUSINESS OR FAIL TO DISCLOSE BUSINESS WITH IRANIAN FINANCIAL INSTITUTIONS.
(a) Not later than 30 days after the date of the enactment of this Act, all financial agencies, financial institutions, including foreign financial agencies and institutions, shall certify and report to the United States Department of Treasury that they are not conducting any transaction, commerce, service or business, directly or indirectly, or have any relationship with, directly or indirectly, any Iranian financial institution, including, without limitation, the Central Bank of Iran.
(b) 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 conduct any commerce, transaction or business, or provide services to, or enable or facilitate access to services for any Iranian financial institution including, without limitation, the Central Bank of Iran.
(c) 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 financial agencies and financial institutions that failed to make a certification as set forth in subsection (a) above, have terminated the provision of services to, and the enabling and facilitation of access to services for any Iranian financial institution including, without limitation, the Central Bank of Iran.
The Secretary of the Treasury shall post a copy of each such report on the website of the Department of the Treasury not later than 72 hours after the report is submitted.
(d) If, on or after the date that is 90 days after the date of the enactment of this Act, an entity has not made a certification pursuant to subsection (a) or otherwise terminated the provision of services to, or the enabling and facilitation of access to services for, the Central Bank of Iran or any other Iranian financial institution, the President shall prohibit such entity from conducting any service, commerce or activity in the United States or with United States financial institutions, including, without limitation, accessing or otherwise using the United States financial system. The President shall order the applicable regulatory authority of such entity to revoke any and all licenses, authorizations and permits to conduct business in the United States for such entity.
(e) Sanctions imposed under paragraph (d) shall apply with respect to a foreign financial institution owned or controlled by the government of a foreign country, including a central bank of a foreign country, to the same extent and in the same manner as such sanctions apply to other foreign financial institutions.
(f) Definitions- In this section:(1) APPROPRIATE CONGRESSIONAL COMMITTEES- The term `appropriate congressional committees' means--
(A) in the House of Representatives--
(i) the Committee on Foreign Affairs; and
(ii) the Committee on Financial Services; and
(B) in the Senate--
(i) the Committee on Foreign Relations; and
(ii) the Committee on Banking, Housing, and Urban Affairs.
(2) FINANCIAL INSTITUTION-- The term ‘financial institution' has the meaning given that term in 31 U.S.C. 5312.
(3) FINANCIAL AGENCY-- The term ‘financial agency' has the meaning given that term in 31 U.S.C. 5312.
(2) FOREIGN FINANCIAL INSTITUTION- The term `foreign financial institution' has the meaning given that term in section 104 of the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (22 U.S.C. 8513).
(3) IRANIAN FINANCIAL INSTITUTION- The term `Iranian financial institution' has the meaning given that term in section 104 of the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (22 U.S.C. 8513), as amended by section 3.
(4) The terms TRANSACTIONS, COMMERCE, SERVICE or BUSINESS shall be afforded the most liberal and far-reach interpretation and shall include, without limitation, transfers of currency, holding currency, accounting of currency, communications, financial (including trade and post-trade), hardware, software, or professional consulting services.