Sec. 4. Stop corrupt Iranian oligarchs and entities
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/bill/119/hr/7622/ih/section-4·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Not later than 180 days after the date of the enactment of this Act, the Secretary of the Treasury, in consultation with the Director of National Intelligence and the Secretary of State, shall submit to the appropriate congressional committees a detailed report on the following: Senior foreign political figures and oligarchs in Iran, including the following: An identification of the most significant senior foreign political figures and oligarchs in Iran, as determined by the closeness to the Government of the Islamic Republic of Iran of each such figure and oligarch, and the estimated net worth of each such figure and oligarch.
An assessment of the relationship between the individuals identified under clause
(i)and President Masoud Pezeshkian or other members of the ruling elite of the Islamic Republic of Iran. An identification of any indices of corruption with respect to such individuals. Known sources of income of such individuals and their family members (including spouses, children, parents, and siblings), including relevant beneficial ownership information. An identification of the non-Iranian business affiliations of such individuals. Islamic Republic of Iran parastatal entities, including an assessment of the following: The emergence of Islamic Republic of Iran parastatal entities and their role in the economy of Iran. The leadership structures and beneficial ownership of such entities. An identification of the non-Iranian business affiliations of such entities. Information relating to the exposure of key economic sectors of the United States, including, at minimum, the banking, securities, insurance, and real estate sectors, to Islamic Republic of Iran politically affiliated persons, Islamic Republic of Iran parastatal entities, and other Islamic Republic of Iran state-owned enterprises. Information relating to the likely effects of imposing debt and equity restrictions on Islamic Republic of Iran parastatal entities, as well as the anticipated effects of adding Islamic Republic of Iran parastatal entities to the list of Specially Designated Nationals maintained by the Office of Foreign Assets Control of the Department of the Treasury. Information relating to the potential impacts of imposing sanctions or debt and equity restrictions in addition to any such sanctions or restrictions in existence as of the date of the enactment of this Act on Islamic Republic of Iran oligarchs, Islamic Republic of Iran parastatal entities, or Islamic Republic of Iran state-owned enterprises, including impacts on such oligarchs, entities, and enterprises and on the economy of Iran, as well as on the economies of the United States and United States allies. The report required under paragraph
(1)shall be submitted in unclassified form and may contain a classified annex. In this subsection: The term appropriate congressional committees means— the Committee on Financial Services, the Committee on Foreign Affairs, and the Committee on Ways and Means of the House of Representatives; and the Committee on Banking, Housing, and Urban Affairs, the Committee on Foreign Relations, and the Committee on Finance of the Senate. The term Islamic Republic of Iran parastatal entities means entities— in which the ownership interest of the Government of the Islamic Republic of Iran is at least 25 percent; and that had 2024 revenues of approximately $2,000,000,000 or more. The term senior foreign political figure has the meaning given such term in section 1010.605 of title 31, Code of Federal Regulations (or any corresponding similar regulation or ruling). Section 310 of title 31, United States Code, is amended by adding at the end the following: There is established within FinCEN the Iran Kleptocracy Initiative (hereinafter in this subsection referred to as the Initiative ), to investigate, expose, disrupt, and prosecute corruption, money laundering, and racketeering activities by Islamic Republic of Iran government officials, their family members, associates, and proxies. The Secretary of the Treasury shall appoint a Director to serve as the head of the Initiative. The Initiative shall— identify, trace, and catalog assets (including real property, financial accounts, luxury goods, and investments) held by or attributable to Islamic Republic of Iran government officials and their proxies, including those concealed through nominees, shell companies, family members, or third-country intermediaries; coordinate with the Department of State, and allied governments to freeze, forfeit, seize, and, where appropriate and legally permissible, repurpose illicitly acquired assets for the benefit of the Iranian people or victims of corruption; develop and publish unclassified findings, reports, and public designations regarding corrupt practices within the Islamic Republic of Iran regime, including case studies of asset concealment and sanctions evasion (consistent with national security and operational requirements); coordinate with Federal, State, and international law enforcement agencies, including through joint task forces, to facilitate civil and criminal prosecutions, asset recoveries, and extraditions under applicable United States laws, including chapters 46, 95, and 96 of title 18 and sanctions statutes; and establish protocols for rewarding credible information leading to successful investigations, asset forfeitures, or prosecutions, in coordination with existing rewards programs. The Director shall serve as the primary point of contact for coordination with relevant Federal agencies and the heads of appropriate Federal law enforcement agencies and international partners. The Director shall convene regular interagency meetings and share non-classified threat intelligence on Islamic Republic of Iran kleptocracy networks. Not later than 1 year after the date of the enactment of this subsection, and annually thereafter, the Secretary of the Treasury shall submit to the appropriate congressional committees a report on the activities of the Initiative. Each report required by subparagraph
(A)shall include— a summary of investigations initiated, ongoing, and concluded, including the number of indictments, convictions, and asset forfeitures attributable to the Initiative; an accounting of assets identified, frozen, seized, or repatriated, including estimated values; challenges encountered and recommendations for legislative or administrative improvements; and metrics on international cooperation and public impact. Each report shall be submitted in unclassified form, but may include a classified annex. In this subsection, the term appropriate congressional committees means— the Committee on Financial Services, the Committee on Foreign Affairs, and the Permanent Select Committee on Intelligence of the House of Representatives; and the Committee on Banking, Housing, and Urban Affairs, the Committee on Foreign Relations, and the Select Committee on Intelligence of the Senate. Nothing in this subsection shall be construed to limit the authority of any Federal agency to investigate or prosecute corruption or racketeering activities under other provisions of law. .