Sec. 110. Codification and application on transfers of funds involving Iran
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Notwithstanding sections 203 and 205 of the International Emergency Economic Powers Act (50 U.S.C. 1702 and 1704), section 560.516 of title 31, Code of Federal Regulations, as in effect on January 1, 2021, shall apply with respect to transfers of funds to or from Iran, or for the direct or indirect benefit of an Iranian person or the Government of Iran, for the period beginning on or after such date of enactment and ending on the date on which the President makes the certification to Congress under section 8 of the Iran Sanctions Act of 1996 ( 50 U.S.C. 1701 note) as amended by this Act.
Notwithstanding section 302 of this Act or sections 203 and 205 of the International Emergency Economic Powers Act (50 U.S.C. 1702 and 1704)— the regulations prohibiting the debiting or crediting of an Iranian account in section 560.516 of title 31, Code of Federal Regulations, as in effect on January 1, 2021, and codified in paragraph
(1)shall apply to foreign financial institutions if the transaction or transactions is conducted in the legal tender of the United States; and United States financial institutions shall be prohibited from engaging in a significant transaction or transactions, including purchasing or selling foreign exchange with large-value payment systems, with a foreign financial institution that violates the regulations and prohibitions described in subparagraph (A). With the exception of paragraph (4), the President may not issue a license to permit a transaction or transactions under this subsection. The President may suspend the prohibition in paragraph
(2)for a period not to exceed 180 days, and may renew the suspension for additional periods of not more than 180 days, on and after the date on which the President provides to the appropriate congressional committees the certification required in section 8 of the Iran Sanctions Act of 1996 ( 50 U.S.C. 1701 note) as amended by this Act.
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