[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3880 Introduced in House (IH)]

112th CONGRESS
  2d Session
                                H. R. 3880

      To require the imposition of sanctions on foreign financial 
   institutions that are members of an entity that provides services 
relating to secure communications, electronic funds transfers, or cable 
     transfers to the Central Bank of Iran or sanctioned financial 
                             institutions.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            February 2, 2012

 Ms. Ros-Lehtinen (for herself, Mr. Royce, and Mr. Chabot) introduced 
  the following bill; which was referred to the Committee on Foreign 
Affairs, and in addition to the Committee on Financial Services, for a 
 period to be subsequently determined by the Speaker, in each case for 
consideration of such provisions as fall within the jurisdiction of the 
                          committee concerned

_______________________________________________________________________

                                 A BILL


 
      To require the imposition of sanctions on foreign financial 
   institutions that are members of an entity that provides services 
relating to secure communications, electronic funds transfers, or cable 
     transfers to the Central Bank of Iran or sanctioned financial 
                             institutions.

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

SECTION 1. IMPOSITION OF SANCTIONS ON FOREIGN FINANCIAL INSTITUTIONS 
              THAT ARE MEMBERS OF ENTITIES THAT PROVIDE CERTAIN 
              SERVICES TO THE CENTRAL BANK OF IRAN OR SANCTIONED 
              FINANCIAL INSTITUTIONS.

    (a) In General.--Section 104(c) of the Comprehensive Iran 
Sanctions, Accountability, and Divestment Act of 2010 (22 U.S.C. 
8513(c)) is amended--
            (1) in paragraph (2)--
                    (A) in subparagraph (D), by striking ``; or'' and 
                inserting a semicolon;
                    (B) in subparagraph (E)(ii)(II), by striking the 
                period and inserting ``; or''; and
                    (C) by adding at the end the following:
                    ``(F) except as provided in paragraph (4), employs 
                a member of the board of directors of an entity that--
                            ``(i) provides services relating to secure 
                        communications, electronic funds transfers, or 
                        cable transfers; and
                            ``(ii) provides such services to, or 
                        enables or facilitates access to such services 
                        for, the Central Bank of Iran or a financial 
                        institution described in subparagraph 
                        (E)(ii).''; and
            (2) by adding at the end the following:
            ``(4) Exceptions relating to provision of secure 
        communications, electronic funds transfers, or cable 
        transfers.--The Secretary of the Treasury may not prohibit, or 
        impose strict conditions on, the opening or maintaining in the 
        United States of a correspondent account or a payable-through 
        account by a foreign financial institution for employing a 
        member of the board of directors of an entity that provides 
        services described in paragraph (3)(F) to, or enables or 
        facilitates access to such services for, the Central Bank of 
        Iran or a financial institution described in paragraph 
        (3)(E)(ii) if such services relate to transactions for the 
        purchase of petroleum or petroleum products from Iran that 
        occur before the date on which sanctions apply with respect to 
        financial transactions for the purchase of petroleum or 
        petroleum products under section 1245(d)(4)(C) of the National 
        Defense Authorization Act for Fiscal Year 2012 (Public Law 112-
        81).''.
    (b) 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 section 104(c) of the Comprehensive Iran 
Sanctions, Accountability, and Divestment Act of 2010 (22 U.S.C. 
8513(c)) to carry out the amendments made by subsection (a).
                                 <all>