I 112th CONGRESS 2d Session H. R. 3880 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.

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).