Sec. 2. Certification requirement for removal of foreign financial institutions, including Iranian financial institutions, from the list of specially designated nationals and blocked persons
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On or after July 19, 2015, the President may not remove a foreign financial institution, including an Iranian financial institution, described in subsection
(b)from the list of specially designated nationals and blocked persons maintained by the Office of Foreign Asset Control of the Department of the Treasury unless and until the President submits to the appropriate congressional committees a certification described in subsection
(c)with respect to the foreign financial institution. A foreign financial institution, including an Iranian financial institution, described in this subsection is a foreign financial institution listed in Attachment 3 or Attachment 4 to Annex II of the Joint Comprehensive Plan of Action. The President may remove a foreign financial institution, including an Iranian financial institution, described in subsection
(b)from the list of specially designated nationals and blocked persons maintained by the Office of Foreign Asset Control of the Department of the Treasury if the President submits to the appropriate congressional committees a certification that the foreign financial institution— has not knowingly, directly or indirectly, facilitated a significant transaction or transactions or provided significant financial services for or on behalf of— Iran’s Revolutionary Guard Corps or any of its agents or affiliates whose property or interests in property are blocked pursuant to the International Emergency Economic Powers Act ( 50 U.S.C. 1701 et seq. ); a foreign terrorist organization for or on behalf of a person whose property or interests in property have been blocked pursuant to Executive Order No. 13224 (66 Fed. Reg. 49079; relating to blocking property and prohibiting transactions with persons who commit, threaten to commit, or support terrorism); and a person whose property or interests in property are blocked pursuant to the International Emergency Economic Powers Act in connection with Iran’s proliferation of weapons of mass destruction or delivery systems for weapons of mass destruction, or to further Iran’s development of ballistic missiles and destabilizing types and amounts of conventional weapons; and no longer knowingly engages in illicit or deceptive financial transactions or other activities. A certification described in subsection
(c)shall be submitted in unclassified form, but may contain a classified annex. In this section: The term foreign financial institution has the meaning given such term in section 1010.605 of title 31, Code of Federal Regulations. The term foreign terrorist organization means any organization designated by the Secretary of State as a foreign terrorist organization in accordance with section 219(a) of the Immigration and Nationality Act ( 8 U.S.C. 1189(a) ). The term Iranian financial institution has the meaning given the term in section 104A(d)(3) of the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 ( 22 U.S.C. 8513b(d)(3) ).
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Sec. 2
Certification requirement for removal of foreign financial institutions, including Iranian financial institutions, from the list of specially designated nationals and blocked persons
Fed. Reg.66 FR 49079
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