Sec. 206. Imposition of sanctions with respect to transactions in foreign currencies with or for certain sanctioned persons

902 words·~4 min read·/bill/114/s/792/pcs/section-206

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Title II of the Iran Threat Reduction and Syria Human Rights Act of 2012 ( 22 U.S.C. 8721 et seq. ) is amended— by inserting after section 221 the following: ; by redesignating sections 222, 223, and 224 as sections 231, 232, and 233, respectively; and by inserting after section 221 the following: The President— shall prohibit the opening, and prohibit or impose strict conditions on the maintaining, in the United States of a correspondent account or a payable-through account by a foreign financial institution that knowingly conducts or facilitates a transaction described in subsection (b)(1); and may impose sanctions pursuant to the International Emergency Economic Powers Act ( 50 U.S.C. 1701 et seq. ) with respect to any other person that knowingly conducts or facilitates such a transaction.

A transaction described in this subsection is a significant transaction conducted or facilitated by a person related to the currency of a country other than the country with primary jurisdiction over the person with, for, or on behalf of— the Central Bank of Iran or an Iranian financial institution designated by the Secretary of the Treasury for the imposition of sanctions pursuant to the International Emergency Economic Powers Act ( 50 U.S.C. 1701 et seq. ); or a person described in section 1244(c)(2) of the Iran Freedom and Counter-Proliferation Act of 2012 ( 22 U.S.C. 8803(c)(2) ) (other than a person described in subparagraph (C)(iii) of that section).

For purposes of paragraph (1), a country in which a person operates shall be deemed to have primary jurisdiction over the person only with respect to the operations of the person in that country. Subsection

(a)shall apply with respect to a transaction described in subsection (b)(1) conducted or facilitated— on or after the effective date specified in section 201(5) of the Nuclear Weapon Free Iran Act of 2015 pursuant to a contract entered into on or after such effective date; and on or after the date that is 90 days after such effective date pursuant to a contract entered into before such effective date. The President may not impose sanctions under subsection

(a)with respect to any person for conducting or facilitating a transaction for the sale of agricultural commodities, food, medicine, or medical devices to Iran or for the provision of humanitarian assistance to the people of Iran. The President may waive the application of subsection

(a)with respect to a person for a period of not more than 180 days, and may renew that waiver for additional periods of not more than 180 days, if the President— determines that the waiver is important to the national interest of the United States; and not less than 15 days after the waiver or the renewal of the waiver, as the case may be, takes effect, submits a report to the appropriate congressional committees on the waiver and the reason for the waiver. Each report submitted under paragraph (1)(B) shall be submitted in unclassified form but may contain a classified annex. In this section: The terms financial institution and Iranian financial institution have the meanings given those terms in section 104A(d) of the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 ( 22 U.S.C. 8513b(d) ). The term transaction includes a foreign exchange swap, a foreign exchange forward, and any other type of currency exchange or conversion or derivative instrument. . Section 2 of the Iran Threat Reduction and Syria Human Rights Act of 2012 ( 22 U.S.C. 8701 ) is amended— by redesignating paragraphs (2), (3), and

(4)as paragraphs (5), (6), and (9), respectively; by striking paragraph

(1)and inserting the following: The terms account , correspondent account , and payable-through account have the meanings given those terms in section 5318A of title 31, United States Code. The term agricultural commodity has the meaning given that term in section 102 of the Agricultural Trade Act of 1978 ( 7 U.S.C. 5602 ). The term appropriate congressional committees has the meaning given that term in section 14 of the Iran Sanctions Act of 1996 ( Public Law 104–172 ; 50 U.S.C. 1701 note). The terms domestic financial institution and foreign financial institution have the meanings determined by the Secretary of the Treasury pursuant to section 104(i) of the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 ( 22 U.S.C. 8513(i) ). ; and by inserting after paragraph (6), as redesignated by paragraph (1), the following: The term medical device has the meaning given the term device in section 201 of the Federal Food, Drug, and Cosmetic Act ( 21 U.S.C. 321 ). The term medicine has the meaning given the term drug in section 201 of the Federal Food, Drug, and Cosmetic Act ( 21 U.S.C. 321 ). . The table of contents for the Iran Threat Reduction and Syria Human Rights Act of 2012 is amended by striking the items relating to sections 222, 223, and 224 and inserting the following: Sec. 222. Imposition of sanctions with respect to transactions in foreign currencies with certain sanctioned persons. Subtitle C—Other matters Sec. 231. Sense of Congress and rule of construction relating to certain authorities of State and local governments. Sec. 232. Government Accountability Office report on foreign entities that invest in the energy sector of Iran or export refined petroleum products to Iran. Sec. 233. Reporting on the importation to and exportation from Iran of crude oil and refined petroleum products. .

Connectionstraces to 8

Traces to 8 documents

U.S. Code