Page:United States Statutes at Large Volume 124.djvu/1358

 124 STAT. 1332 PUBLIC LAW 111–195—JULY 1, 2010 the ongoing and substantial money laundering and terrorist financing (ML/TF) risks’’ emanating from Iran. (b) SENSE OF CONGRESS REGARDING THE IMPOSITION OF SANC- TIONS ON THE CENTRAL BANK OF IRAN.—Congress— (1) acknowledges the efforts of the United Nations Security Council to impose limitations on transactions involving Iranian financial institutions, including the Central Bank of Iran; and (2) urges the President, in the strongest terms, to consider immediately using the authority of the President to impose sanctions on the Central Bank of Iran and any other Iranian financial institution engaged in proliferation activities or sup- port of terrorist groups. (c) PROHIBITIONS AND CONDITIONS WITH RESPECT TO CERTAIN ACCOUNTS HELD BY FOREIGN FINANCIAL INSTITUTIONS.— (1) IN GENERAL.—Not later than 90 days after the date of the enactment of this Act, the Secretary of the Treasury shall prescribe regulations to prohibit, or impose strict condi- tions on, the opening or maintaining in the United States of a correspondent account or a payable-through account by a foreign financial institution that the Secretary finds know- ingly engages in an activity described in paragraph (2). (2) ACTIVITIES DESCRIBED.—A foreign financial institution engages in an activity described in this paragraph if the foreign financial institution— (A) facilitates the efforts of the Government of Iran (including efforts of Iran’s Revolutionary Guard Corps or any of its agents or affiliates)— (i) to acquire or develop weapons of mass destruc- tion or delivery systems for weapons of mass destruc- tion; or (ii) to provide support for organizations designated as foreign terrorist organizations under section 219(a) of the Immigration and Nationality Act (8 U.S.C. 1189(a)) or support for acts of international terrorism (as defined in section 14 of the Iran Sanctions Act of 1996 (Public Law 104–172; 50 U.S.C. 1701 note)); (B) facilitates the activities of a person subject to finan- cial sanctions pursuant to United Nations Security Council Resolution 1737 (2006), 1747 (2007), 1803 (2008), or 1929 (2010), or any other resolution that is agreed to by the Security Council and imposes sanctions with respect to Iran; (C) engages in money laundering to carry out an activity described in subparagraph (A) or (B); (D) facilitates efforts by the Central Bank of Iran or any other Iranian financial institution to carry out an activity described in subparagraph (A) or (B); or (E) facilitates a significant transaction or transactions or provides significant financial services for— (i) Iran’s Revolutionary Guard Corps or any of its agents or affiliates whose property or interests in property are blocked pursuant to the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.); or (ii) a financial institution whose property or interests in property are blocked pursuant to that Act in connection with— Deadline. Regulations.