Sec. 412. Reports on, and authorization of imposition of sanctions with respect to, offshore United States dollar clearing for transactions involving the Government of Iran or Iranian persons
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Not later than 60 days after the date of the enactment of this Act, and not less frequently than once every 90 days thereafter, the Secretary of the Treasury shall submit to the appropriate congressional committees and publish in the Federal Register a report that contains— a list of any financial institutions that the Secretary has identified as— operating an offshore United States dollar clearing system that conducts transactions involving the Government of Iran or an Iranian person; or participating in a transaction described in clause
(i)through a system described in that clause; and a detailed assessment of the status of efforts by the Secretary to prevent the conduct of transactions described in subparagraph (A)(i) through systems described in that subparagraph. Each report submitted under paragraph
(1)shall be submitted in unclassified form but may contain a classified annex. The President shall, in accordance with the International Emergency Economic Powers Act ( 50 U.S.C. 1701 et seq.), block and prohibit all transactions in all property and interests in property of any financial institution specified in the most recent list submitted under subsection (a)(1)(A) if such property and interests in property are in the United States, come within the United States, or are or come within the possession or control of a United States person. The President may impose additional sanctions under the International Emergency Economic Powers Act ( 50 U.S.C. 1701 et seq.) with respect to a financial institution that is subject to sanctions under paragraph (1). In this section, 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).
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- Pub. L. 104-172
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Sec. 412
Reports on, and authorization of imposition of sanctions with respect to, offshore United States dollar clearing for transactions involving the Government of Iran or Iranian persons
Pub. L.Pub. L. 104-172
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