Sec. 413. Clarification that freezing of assets of Iranian financial institutions includes assets in possession or control of a United States person pursuant to a U-turn transaction
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Section 1245(c) of the National Defense Authorization Act for Fiscal Year 2012 ( 22 U.S.C. 8513a(c) ) is amended— by striking The President and inserting
(1); and In general .—The President by adding at the end the following: Property that comes within the possession or control of a United States person pursuant to a transfer of funds that arises from, and is ordinarily incident and necessary to give effect to, an underlying transaction shall be considered to come within the possession or control of that person for purposes of paragraph (1). A transfer of funds or other property for the benefit of an Iranian financial institution that is made between accounts of the same financial institution shall be considered property or interests in property of that Iranian financial institution for purposes of paragraph
(1)even if that Iranian financial institution is not the direct recipient of the transfer. .
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Sec. 413
Clarification that freezing of assets of Iranian financial institutions includes assets in possession or control of a United States person pursuant to a U-turn transaction
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