Sec. 2. Findings, sense of Congress, and statement of policy
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Congress finds the following: On November 8, 2011, the Department of the Treasury identified the Islamic Republic of Iran as a jurisdiction of primary money laundering concern pursuant to section 5318A of title 31, United States Code, including Iran’s Central Bank, private Iranian banks, branches, and subsidiaries of Iranian banks operating outside of Iran as posing illicit finance risks for the global financial system. On November 6, 2008, the Department of the Treasury announced that it was revoking the U-turn license for Iran, stating that as a member of the Financial Action Task Force (FATF), the United States today fulfilled its obligation to strengthen measures to protect the financial sector from the risks posed to the international financial system by Iran .
On February 19, 2016, the Financial Action Task Force (FATF), the global standard setting body for anti-money laundering and combating the financing of terrorism which has determined that Iran is a non-cooperating country or territory in the fight against money laundering and terror financing since 2008, stated that, the FATF remains particularly and exceptionally concerned about Iran’s failure to address the risk of terrorist financing and the serious threat this poses to the integrity of the international financial system .
United States and foreign businesses operating or seeking to operate in Iran run significant risks, as corruption in Iran is endemic, with Transparency International ranking Iran 130 out of 168 countries. It is the sense of Congress that the entire financial sector of Iran, including Iran’s Central Bank, private Iranian banks and branches, and subsidiaries of Iranian banks operating outside of Iran, poses illicit finance risks for the global financial system due to its proliferation, support for terrorism, and other illicit conduct.
It shall be the policy of the United States to— deny Iran access to funds denominated in United States dollars, including through any offshore United States dollar clearing system for transactions involving the Government of Iran or an Iranian person; and deny Iran access to United States dollars through any offshore United States dollar clearing system conducted or overseen by a foreign government or a foreign financial institution for transactions involving the Government of Iran or an Iranian person.