This bill requires the Department of the Treasury, in furtherance of efforts to prevent the financing of terrorism, money laundering, or related illicit finance and to make financial institutions’ required compliance with remaining sanctions more easily understood, to submit within 270 days and annually thereafter for the next two years a report regarding:
- the funds or assets held in U.S. and foreign financial institutions that are directly or indirectly controlled by specified Iranian officials;
- any equity stake such official has in an entity on Treasury’s list of Specially Designated Nationals or in any other sanctioned entity;
- how such funds, assets, or equity interests were acquired and used;
- new methods used to evade anti-money laundering and related laws, including recommendations to improve techniques to combat illicit uses of the U.S. financial system by each such official.
- recommendations for revising U.S. economic sanctions against Iran to prevent Iranian officials from using funds or assets to develop and procure ballistic missile technology;
- how Treasury assesses the effectiveness of U.S. economic sanctions against Iran; and
- recommendations for improving Treasury’s ability to develop and enforce additional economic sanctions against Iran if so ordered by the President.
The unclassified portion of the report shall be made available to the public and posted on Treasury’s website in downloadable English, Farsi, Arabic, and Azeri versions.
Why Jason Lewis’ vote conflicts with our values.
“In light of the bill’s limited practical utility; its failure to meet its own stated objectives; its diversion of critical resources away from Treasury investigations; the report’s lack of usefulness as a compliance tool; and the negative impact the legislation would have on the continued viability of the nuclear deal, which to date is widely viewed as a success, we oppose this bill.” (Source: Minority View, Committee on Financial Services, Report 115-453).