Page:United States Statutes at Large Volume 124.djvu/1356

 124 STAT. 1330 PUBLIC LAW 111–195—JULY 1, 2010 (A) IN GENERAL.—At such time as the President deter- mines that a person in Iran, including an Iranian diplomat or representative of another government or military or quasi-governmental institution of Iran (including Iran’s Revolutionary Guard Corps and its affiliates), satisfies the criteria for designation with respect to the imposition of sanctions under the authority of the International Emer- gency Economic Powers Act (50 U.S.C. 1701 et seq.), the President shall take such action as may be necessary to freeze, as soon as possible— (i) the funds and other assets belonging to that person; and (ii) any funds or other assets that person transfers, on or after the date on which the President determines the person satisfies such criteria, to any family member or associate acting for or on behalf of the person. (B) REPORTS TO THE OFFICE OF FOREIGN ASSETS CON- TROL.—The action described in subparagraph (A) includes requiring any United States financial institution that holds funds or assets of a person described in that subparagraph or funds or assets that person transfers to a family member or associate described in that subparagraph to report promptly to the Office of Foreign Assets Control informa- tion regarding such funds and assets. (C) REPORTS TO CONGRESS.—Not later than 14 days after a decision is made to freeze the funds or assets of any person under subparagraph (A), the President shall report the name of the person to the appropriate congres- sional committees. Such a report may contain a classified annex. (D) TERMINATION.—The President shall release assets or funds frozen under subparagraph (A) if the person to which the assets or funds belong or the person that trans- fers the assets or funds as described in subparagraph (A)(ii) (as the case may be) no longer satisfies the criteria for designation with respect to the imposition of sanctions under the authority of the International Emergency Eco- nomic Powers Act (50 U.S.C. 1701 et seq.). (E) UNITED STATES FINANCIAL INSTITUTION DEFINED.— In this paragraph, the term ‘‘United States financial institution’’ means a financial institution (as defined in section 14 of the Iran Sanctions Act of 1996 (Public Law 104–172; 50 U.S.C. 1701 note)) that is a United States person. (c) PENALTIES.—The penalties provided for in subsections (b) and (c) of section 206 of the International Emergency Economic Powers Act (50 U.S.C. 1705) shall apply to a person that violates, attempts to violate, conspires to violate, or causes a violation of this section or regulations prescribed under this section to the same extent that such penalties apply to a person that commits an unlawful act described in section 206(a) of that Act. (d) REGULATORY AUTHORITY.— (1) IN GENERAL.—The President shall prescribe regulations to carry out this section, which may include regulatory excep- tions to the sanctions described in subsection (b). (2) APPLICABILITY OF CERTAIN REGULATIONS.—No exception to the prohibition under subsection (b)(1) may be made for Applicability.