§ 8513b. Expansion of, and reports on, mandatory sanctions with respect to financial institutions that engage in certain activities
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(a)In general Not later than 90 days after August 10, 2012, the Secretary of the Treasury shall revise the regulations prescribed under section 8513(c)(1) of this title to apply to a foreign financial institution described in subsection
(b)to the same extent and in the same manner as those regulations apply to a foreign financial institution that the Secretary of the Treasury finds knowingly engages in an activity described in section 8513(c)(2) of this title.
(b)Foreign financial institutions described A foreign financial institution described in this subsection is a foreign financial institution, including an Iranian financial institution, that the Secretary of the Treasury finds—
(1)knowingly facilitates, or participates or assists in, an activity described in section 8513(c)(2) of this title, including by acting on behalf of, at the direction of, or as an intermediary for, or otherwise assisting, another person with respect to the activity;
(2)attempts or conspires to facilitate or participate in such an activity; or
(3)is owned or controlled by a foreign financial institution that the Secretary finds knowingly engages in such an activity.
(c)Reports required
(1)In general Not later than 180 days after August 10, 2012, and every 180 days thereafter, the Secretary of the Treasury shall submit to the appropriate congressional committees a report that contains a detailed description of—
(A)the effect of the regulations prescribed under section 8513(c)(1) of this title on the financial system and economy of Iran and capital flows to and from Iran; and
(B)the ways in which funds move into and out of financial institutions described in section 8513(c)(2)(E)(ii) of this title, with specific attention to the use of other Iranian financial institutions and other foreign financial institutions to receive and transfer funds for financial institutions described in that section.
(2)Form of report Each report submitted under paragraph
(1)shall be submitted in unclassified form but may contain a classified annex.
(d)Definitions In this section:
(1)Financial institution The term “financial institution” means a financial institution specified in subparagraph (A), (B), (C), (D), (E), (F), (G), (H), (I), (J), (K), (M), (N), (R), or
(2)Foreign financial institution The term “foreign financial institution” has the meaning of that term as determined by the Secretary of the Treasury pursuant to section 8513(i) of this title.
(3)Iranian financial institution The term “Iranian financial institution” means—
(A)a financial institution organized under the laws of Iran or any jurisdiction within Iran, including a foreign branch of such an institution;
(B)a financial institution located in Iran;
(C)a financial institution, wherever located, owned or controlled by the Government of Iran; and
(D)a financial institution, wherever located, owned or controlled by a financial institution described in subparagraph (A), (B), or (C).
(Pub. L. 111–195, title I, § 104A, as added Pub. L. 112–158, title II, § 216(a), Aug. 10, 2012, 126 Stat. 1232; amended Pub. L. 116–283, div. F, title LXI, § 6110(e)(1)(B), Jan. 1, 2021, 134 Stat. 4563.)
Connections50 cite this · traces to 3
Cited by 50 sections · top 44
public-private-law
U.S. Code
register
statute-compilations
- Sec. 104AEXPANSION OF, AND REPORTS ON, MANDATORY SANCTIONS WITH RESPECT TO FINANCIAL INSTITUTIONS THAT ENGAGE IN CERTAIN ACTIVITIES
- Sec. 1242DEFINITIONS
- Sec. 6110BANK SECRECY ACT APPLICATION TO DEALERS IN ANTIQUITIES AND ASSESSMENT OF BANK SECRECY ACT APPLICATION TO DEALERS IN ARTS
- Sec. 2CONGRESSIONAL REVIEW AND OVERSIGHT OF AGREEMENTS WITH IRAN RELATING TO THE NUCLEAR PROGRAM OF IRAN
- Sec. 216EXPANSION OF, AND REPORTS ON, MANDATORY SANCTIONS WITH RESPECT TO FINANCIAL INSTITUTIONS THAT ENGAGE IN CERTAIN ACTIVITIES RELATING TO IRAN
- Sec. 135CONGRESSIONAL REVIEW AND OVERSIGHT OF AGREEMENTS WITH IRAN
statutes-at-large
- Public Law 112–158To strengthen Iran sanctions laws for the purpose of compelling Iran to abandon its pursuit of nuclear weapons and other threatening activities, and for other purposes
- Public Law 112–239To authorize appropriations for fiscal year 2013 for military activities of the Department of Defense, for military construction, and for defense activities of the Department of Energy, to prescribe military personnel strengths for such fiscal year, and for other purposes
- Public Law 114–17To provide for congressional review and oversight of agreements relating to Iran’s nuclear program, and for other purposes
- Public Law 116–283To authorize appropriations for fiscal year 2021 for military activities of the Department of Defense, for military construction, and for defense activities of the Department of Energy, to prescribe military personnel strengths for such fiscal year, and for other purposes
bill
- Sec. 214Imposition of sanctions with respect to certain transactions in foreign currencies
- Sec. 215Sanctions with respect to certain transactions with Iran
- Sec. 201Sanctions with respect to certain transactions with Iran
- Sec. 214Imposition of sanctions with respect to certain transactions in foreign currencies
- Sec. 215Sanctions with respect to certain transactions with Iran
- Sec. 214Imposition of sanctions with respect to certain transactions in foreign currencies
- Sec. 215Sanctions with respect to certain transactions with Iran
- Sec. 105Imposition of sanctions with respect to transactions in foreign currencies with or for certain sanctioned persons
- Sec. 2Imposition of sanctions with respect to certain transactions in foreign currencies
- Sec. 3Modification and elimination of waiver authorities for certain sanctions with respect to Iran
- Sec. 2Congressional review and oversight of agreements with Iran relating to the nuclear program of Iran
- Sec. 2Congressional review and oversight of agreements with Iran relating to the nuclear program of Iran
- Sec. 3Modification and elimination of waiver authorities for certain sanctions with respect to Iran
- Sec. 2Certification requirement for removal of foreign financial institutions, including Iranian financial institutions, from the list of specially designated nationals and blocked persons
- Sec. 206Imposition of sanctions with respect to transactions in foreign currencies with or for certain sanctioned persons
- Sec. 2Congressional review and oversight of agreements with Iran relating to the nuclear program of Iran
- Sec. 2Congressional review and oversight of agreements with Iran relating to the nuclear program of Iran
- Sec. 2Congressional review and oversight of agreements with Iran relating to the nuclear program of Iran
- Sec. 206Imposition of sanctions with respect to transactions in foreign currencies with or for certain sanctioned persons
- Sec. 3Modification and elimination of waiver authorities for certain sanctions with respect to Iran
- Sec. 2Certification requirement for removal of foreign financial institutions, including Iranian financial institutions, from the list of specially designated nationals and blocked persons
- Sec. 2Certification requirement for removal of foreign financial institutions, including Iranian financial institutions, from the list of specially designated nationals and blocked persons
- Sec. 2Prohibition on certain transactions with Iran and blocking of property with respect to foreign financial institutions that facilitate certain transactions with Iran
- Sec. 2Definitions
- Sec. 5Definitions
- Sec. 6110Bank Secrecy Act application to dealers in antiquities and assessment of Bank Secrecy Act application to dealers in arts
- Sec. 9Definitions
4 references not yet in our index
- Pub. L. 111–195, title I, § 104A
- Pub. L. 112–158, title II, § 216(a)
- 126 Stat. 1232
- 134 Stat. 4563
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cites case law
§ 8513b
Expansion of, and reports on, mandatory sanctions with respect to financial institutions that engage in certain activities
Bills×27
U.S.C.×10
Stat. Comp.×6
Stat.×4
Pub. L.×2
Fed. Reg.×1
Pub. L.Pub. L. 111–195, title I, § 104A
Pub. L.Pub. L. 112–158, title II, § 216(a)
Stat.126 Stat. 1232
Stat.134 Stat. 4563
Cites 7Cited by 50 across 6 sources