Page:United States Statutes at Large Volume 124.djvu/1357

 124 STAT. 1331 PUBLIC LAW 111–195—JULY 1, 2010 the commercial importation of an Iranian origin good described in section 560.534(a) of title 31, Code of Federal Regulations (as in effect on the day before the date of the enactment of this Act), unless the President— (A) prescribes a regulation providing for such an excep- tion on or after the date of the enactment of this Act; and (B) submits to the appropriate congressional commit- tees— (i) a certification in writing that the exception is in the national interest of the United States; and (ii) a report describing the reasons for the excep- tion. SEC. 104. MANDATORY SANCTIONS WITH RESPECT TO FINANCIAL INSTITUTIONS THAT ENGAGE IN CERTAIN TRANSACTIONS. (a) FINDINGS.—Congress makes the following findings: (1) The Financial Action Task Force is an intergovern- mental body whose purpose is to develop and promote national and international policies to combat money laundering and terrorist financing. (2) Thirty-three countries, plus the European Commission and the Cooperation Council for the Arab States of the Gulf, belong to the Financial Action Task Force. The member coun- tries of the Financial Action Task Force include the United States, Canada, most countries in western Europe, Russia, the People’s Republic of China, Japan, South Korea, Argentina, and Brazil. (3) In 2008 the Financial Action Task Force extended its mandate to include addressing ‘‘new and emerging threats such as proliferation financing’’, meaning the financing of the pro- liferation of weapons of mass destruction, and published ‘‘guid- ance papers’’ for members to assist them in implementing var- ious United Nations Security Council resolutions dealing with weapons of mass destruction, including United Nations Security Council Resolutions 1737 (2006) and 1803 (2008), which deal specifically with proliferation by Iran. (4) The Financial Action Task Force has repeatedly called on members— (A) to advise financial institutions in their jurisdictions to give special attention to business relationships and transactions with Iran, including Iranian companies and financial institutions; (B) to apply effective countermeasures to protect their financial sectors from risks relating to money laundering and financing of terrorism that emanate from Iran; (C) to protect against correspondent relationships being used by Iran and Iranian companies and financial institu- tions to bypass or evade countermeasures and risk-mitiga- tion practices; and (D) to take into account risks relating to money laun- dering and financing of terrorism when considering requests by Iranian financial institutions to open branches and subsidiaries in their jurisdictions. (5) At a February 2010 meeting of the Financial Action Task Force, the Task Force called on members to apply counter- measures ‘‘to protect the international financial system from 22 USC 8513. Reports. Certification.