22 U.S.C. § 8514 — Expansion of, and reports on, mandatory sanctions with respect to financial institutions that engage in certain activities

**(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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title22-section8513/c/1&num=0&edition=prelim) 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title22-section8513/c/2&num=0&edition=prelim). **(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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title22-section8513/c/2&num=0&edition=prelim), 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title22-section8513/c/1&num=0&edition=prelim) 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title22-section8513/c/2/E/ii&num=0&edition=prelim), 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 (Z) of [section 5312(a)(2) of title 31](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title31-section5312/a/2&num=0&edition=prelim). (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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title22-section8513/i&num=0&edition=prelim). (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).