22 U.S.C. § 8513a — Imposition of sanctions with respect to

Page 2080 TITLE 22—FOREIGN RELATIONS AND INTERCOURSE § 8513a (1) shall consult with the Secretary of State; and (2) may, in the sole discretion of the Sec- retary of the Treasury, consult with such other agencies and departments and such other interested parties as the Secretary con- siders appropriate. (i) Definitions (1) In general In this section: (A) Account; correspondent account; payable- through account The terms ‘‘account’’, ‘‘correspondent ac- count’’, and ‘‘payable-through account’’ have the meanings given those terms in sec- tion 5318A of title 31. (B) Agent The term ‘‘agent’’ includes an entity es- tablished by a person for purposes of con- ducting transactions on behalf of the person in order to conceal the identity of the per- son. (C) Financial institution The term ‘‘financial institution’’ means a financial institution specified in subpara- graph (A), (B), (C), (D), (E), (F), (G), (H), (I), (J), (M), or (Z) of section 5312(a)(2) of title 31. (D) Foreign financial institution; domestic fi- nancial institution The terms ‘‘foreign financial institution’’ and ‘‘domestic financial institution’’ shall have the meanings of those terms as deter- mined by the Secretary of the Treasury. (E) Money laundering The term ‘‘money laundering’’ means the movement of illicit cash or cash equivalent proceeds into, out of, or through a country, or into, out of, or through a financial insti- tution. (2) Other definitions The Secretary of the Treasury may further define the terms used in this section in the regulations prescribed under this section. (Pub. L. 111–195, title I, § 104, July 1, 2010, 124 Stat. 1331; Pub. L. 112–158, title II, §§ 214(a), 215(a), title III, § 312(b), (c), Aug. 10, 2012, 126 Stat. 1231, 1249; Pub. L. 116–283, div. F, title LXI, § 6110(e)(1)(A), Jan. 1, 2021, 134 Stat. 4563.) TERMINATION OF SECTION For termination of section, see section 8551(a) of this title. Editorial Notes REFERENCES IN TEXT The International Emergency Economic Powers Act, referred to in subsecs. (c)(2)(E) and (d)(1), is title II of Pub. L. 95–223, Dec. 28, 1977, 91 Stat. 1626, which is clas- sified generally to chapter 35 (§ 1701 et seq.) of Title 50, War and National Defense. For complete classification of this Act to the Code, see Short Title note set out under section 1701 of Title 50 and Tables. The Classified Information Procedures Act, referred to in subsec. (g)(1), is Pub. L. 96–456, Oct. 15, 1980, 94 Stat. 2025, which is set out in the Appendix to Title 18, Crimes and Criminal Procedure. AMENDMENTS 2021—Subsec. (i)(1)(C). Pub. L. 116–283 substituted ‘‘(Z)’’ for ‘‘(Y)’’. 2012—Subsec. (c)(2)(B). Pub. L. 112–158, § 214(a), sub- stituted ‘‘of—’’ for ‘‘of’’, inserted cl. (i) designation be- fore ‘‘a person subject’’, and added cl. (ii). Subsec. (c)(2)(E)(ii). Pub. L. 112–158, § 215(a), sub- stituted ‘‘person’’ for ‘‘financial institution’’ in intro- ductory provisions. Subsec. (c)(4). Pub. L. 112–158, § 312(b), added par. (4). Subsec. (f). Pub. L. 112–158, § 312(c)(1), inserted ‘‘or section 8513b of this title’’ after ‘‘subsection (c)’’ in in- troductory provisions. Subsec. (g). Pub. L. 112–158, § 312(c)(2), substituted ‘‘paragraph (1) or (4) of subsection (c) or section 8513b of this title’’ for ‘‘subsection (c)(1)’’ in pars. (1) and (2). Statutory Notes and Related Subsidiaries REGULATIONS Pub. L. 112–158, title II, § 214(b), Aug. 10, 2012, 126 Stat. 1231, provided that: ‘‘Not later than 90 days after the date of the enactment of this Act [Aug. 10, 2012], the Secretary of the Treasury shall make such revisions to the regulations prescribed under section 104 of the Comprehensive Iran Sanctions, Accountability, and Di- vestment Act of 2010 (22 U.S.C. 8513) as are necessary to carry out the amendments made by subsection (a) [amending this section].’’ Pub. L. 112–158, title II, § 215(b), Aug. 10, 2012, 126 Stat. 1231, provided that: ‘‘Not later than 90 days after the date of the enactment of this Act [Aug. 10, 2012], the Secretary of the Treasury shall make such revisions to the regulations prescribed under section 104 of the Comprehensive Iran Sanctions, Accountability, and Di- vestment Act of 2010 (22 U.S.C. 8513) as are necessary to carry out the amendment made by subsection (a) [amending this section].’’ EXCEPTION TO SANCTIONS REGARDING NATIONAL IRA- NIAN OIL COMPANY AND NATIONAL IRANIAN TANKER COMPANY Pub. L. 112–158, title III, § 312(d), Aug. 10, 2012, 126 Stat. 1250, provided that: ‘‘(1) IN GENERAL.—If an exception to sanctions de- scribed in clause (i) or (ii) of paragraph (4)(C) of section 104(c) of the Comprehensive Iran Sanctions, Account- ability, and Divestment Act of 2010 [22 U.S.C. 8513(c)], as added by subsection (b), applies to a person that en- gages in a transaction described in paragraph (2) at the time of the transaction, the President is authorized not to impose sanctions with respect to the transaction under— ‘‘(A) section 302(b)(1) [22 U.S.C. 8742(b)(1)]; ‘‘(B) section 104A of the Comprehensive Iran Sanc- tions, Accountability, and Divestment Act of 2010 [22 U.S.C. 8513b], as added by section 216; or ‘‘(C) any other applicable provision of law author- izing the imposition of sanctions with respect to Iran. ‘‘(2) TRANSACTION DESCRIBED.—A transaction de- scribed in this paragraph is a transaction— ‘‘(A) solely for the purchase of petroleum or petro- leum products from Iran; and ‘‘(B) for which sanctions may be imposed solely as a result of the involvement of the National Iranian Oil Company or the National Iranian Tanker Com- pany in the transaction under— ‘‘(i) section 302(b)(1); ‘‘(ii) section 104A of the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010, as added by section 216; or ‘‘(iii) any other applicable provision of law au- thorizing the imposition of sanctions with respect to Iran.’’ § 8513a. Imposition of sanctions with respect to the financial sector of Iran (a) Findings Congress makes the following findings: Page 2081 TITLE 22—FOREIGN RELATIONS AND INTERCOURSE § 8513a (1) On November 21, 2011, the Secretary of the Treasury issued a finding under section 5318A of title 31 that identified Iran as a juris- diction of primary money laundering concern. (2) In that finding, the Financial Crimes En- forcement Network of the Department of the Treasury wrote, ‘‘The Central Bank of Iran, which regulates Iranian banks, has assisted designated Iranian banks by transferring bil- lions of dollars to these banks in 2011. In mid- 2011, the CBI transferred several billion dollars to designated banks, including Saderat, Mellat, EDBI and Melli, through a variety of payment schemes. In making these transfers, the CBI attempted to evade sanctions by mini- mizing the direct involvement of large inter- national banks with both CBI and designated Iranian banks.’’. (3) On November 22, 2011, the Under Sec- retary of the Treasury for Terrorism and Fi- nancial Intelligence, David Cohen, wrote, ‘‘Treasury is calling out the entire Iranian banking sector, including the Central Bank of Iran, as posing terrorist financing, prolifera- tion financing, and money laundering risks for the global financial system.’’. (b) Designation of financial sector of Iran as of primary money laundering concern The financial sector of Iran, including the Central Bank of Iran, is designated as a primary money laundering concern for purposes of sec- tion 5318A of title 31 because of the threat to government and financial institutions resulting from the illicit activities of the Government of Iran, including its pursuit of nuclear weapons, support for international terrorism, and efforts to deceive responsible financial institutions and evade sanctions. (c) Freezing of assets of Iranian financial institu- tions The President shall, pursuant to the Inter- national Emergency Economic Powers Act (50 U.S.C. 1701 et seq.), block and prohibit all trans- actions in all property and interests in property of an Iranian financial institution if such prop- erty and interests in property are in the United States, come within the United States, or are or come within the possession or control of a United States person. (d) Imposition of sanctions with respect to the Central Bank of Iran and other Iranian fi- nancial institutions (1) In general Except as specifically provided in this sub- section, beginning on the date that is 60 days after December 31, 2011, the President— (A) shall prohibit the opening, and pro- hibit or impose strict conditions on the maintaining, in the United States of a cor- respondent account or a payable-through ac- count by a foreign financial institution that the President determines has knowingly conducted or facilitated any significant fi- nancial transaction with the Central Bank of Iran or another Iranian financial institu- tion designated by the Secretary of the Treasury for the imposition of sanctions pursuant to the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.); and (B) may impose sanctions pursuant to the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) with respect to the Central Bank of Iran. (2) Exception for sales of agricultural commod- ities, food, medicine, and medical devices The President may not impose sanctions under paragraph (1) with respect to any person for conducting or facilitating a transaction for the sale of agricultural commodities, food, medicine, or medical devices to Iran. (3) Applicability of sanctions with respect to foreign central banks Except as provided in paragraph (4), sanc- tions imposed under paragraph (1)(A) shall apply with respect to a central bank of a for- eign country, only insofar as it engages in a fi- nancial transaction for the sale or purchase of petroleum or petroleum products to or from Iran conducted or facilitated on or after that date that is 180 days after December 31, 2011. (4) Applicability of sanctions with respect to petroleum transactions (A) Report required Not later than October 25, 2012, and the last Thursday of every other month there- after, the Administrator of the Energy Infor- mation Administration, in consultation with the Secretary of the Treasury, the Secretary of State, and the Director of National Intel- ligence, shall submit to Congress a report on the availability and price of petroleum and petroleum products produced in countries other than Iran in the 2-month period pre- ceding the submission of the report. (B) Determination required Not later than 90 days after December 31, 2011, and every 180 days thereafter, the President shall make a determination, based on the reports required by subparagraph (A), of whether the price and supply of petroleum and petroleum products produced in coun- tries other than Iran is sufficient to permit purchasers of petroleum and petroleum prod- ucts from Iran to reduce significantly in vol- ume their purchases from Iran. (C) Application of sanctions Except as provided in subparagraph (D), sanctions imposed under paragraph (1)(A) shall apply with respect to a financial trans- action conducted or facilitated by a foreign financial institution on or after the date that is 180 days after December 31, 2011, for the purchase of petroleum or petroleum products from Iran if the President deter- mines pursuant to subparagraph (B) that there is a sufficient supply of petroleum and petroleum products from countries other than Iran to permit a significant reduction in the volume of petroleum and petroleum products purchased from Iran by or through foreign financial institutions. (D) Exception (i) In general Sanctions imposed pursuant to para- graph (1) shall not apply with respect to a Page 2082 TITLE 22—FOREIGN RELATIONS AND INTERCOURSE § 8513a 1 So in original. financial transaction described in clause (ii) conducted or facilitated by a foreign fi- nancial institution if the President deter- mines and reports to Congress, not later than 90 days after the date on which the President makes the determination re- quired by subparagraph (B), and every 180 days thereafter, that the country with pri- mary jurisdiction over the foreign finan- cial institution— (I) has significantly reduced reduced 1 its volume of crude oil purchases from Iran during the period beginning on the date on which the President submitted the last report with respect to the coun- try under this subparagraph; or (II) in the case of a country that has previously received an exception under this subparagraph, has, after receiving the exception, reduced its crude oil pur- chases from Iran to zero. (ii) Financial transactions described A financial transaction conducted or fa- cilitated by a foreign financial institution is described in this clause if— (I) the financial transaction is only for trade in goods or services between the country with primary jurisdiction over the foreign financial institution and Iran; and (II) any funds owed to Iran as a result of such trade are credited to an account located in the country with primary ju- risdiction over the foreign financial in- stitution. (5) Applicability of sanctions with respect to Chinese financial institutions (A) In general For the purpose of paragraph (1)(A), a ‘‘sig- nificant financial transaction’’ shall include, based on relevant facts and circumstances, any transaction— (i) by a Chinese financial institution (without regard to the size, number, fre- quency, or nature of the transaction) in- volving the purchase of petroleum or pe- troleum products from Iran; and (ii) by a foreign financial institution (without regard to the size, number, fre- quency, or nature of the transaction) in- volving the purchase of Iranian unmanned aerial vehicles (UAVs), UAV parts, or re- lated systems. (B) Determination required Not later than 180 days after April 24, 2024, and every year thereafter for 5 years, the President shall— (i) determine whether any— (I) Chinese financial institution has engaged in a significant financial trans- action as described in paragraph (1)(A)(i); and (II) financial institution has engaged in a significant financial transaction as described in paragraph (1)(A)(ii); and (ii) transmit the determination under clause (i) to the Committee on Foreign Af- fairs and the Committee on Financial Services of the House of Representatives and to the Committee on Foreign Rela- tions and the Committee on Banking, Housing, and Urban Affairs of the Senate. (6) Waiver The President may waive the imposition of sanctions under paragraph (1) for a period of not more than 120 days, and may renew that waiver for additional periods of not more than 120 days, if the President— (A) determines that such a waiver is in the national security interest of the United States; and (B) submits to Congress a report— (i) providing a justification for the waiv- er; (ii) certifying that the country with pri- mary jurisdiction over the foreign finan- cial institution otherwise subject to the sanctions faced exceptional circumstances that prevented the country from being able to reduce significantly its purchases of petroleum and petroleum products from Iran; and (iii) that includes any concrete coopera- tion the President has received or expects to receive as a result of the waiver. (e) Multilateral diplomacy initiative (1) In general The President shall— (A) carry out an initiative of multilateral diplomacy to persuade countries purchasing oil from Iran— (i) to limit the use by Iran of revenue from purchases of oil to purchases of non- luxury consumers goods from the country purchasing the oil; and (ii) to prohibit purchases by Iran of— (I) military or dual-use technology, in- cluding items— (aa) in the Annex to the Missile Technology Control Regime Guide- lines; (bb) in the Annex on Chemicals to the Convention on the Prohibition of the Development, Production, Stock- piling and Use of Chemical Weapons and on their Destruction, done at Paris January 13, 1993, and entered into force April 29, 1997 (commonly known as the ‘‘Chemical Weapons Convention’’); (cc) in Part 1 or 2 of the Nuclear Sup- pliers Group Guidelines; or (dd) on a control list of the Wassenaar Arrangement on Export Controls for Conventional Arms and Dual-Use Goods and Technologies; or (II) any other item that could con- tribute to Iran’s conventional, nuclear, chemical, or biological weapons pro- gram; and (B) conduct outreach to petroleum-pro- ducing countries to encourage those coun- tries to increase their output of crude oil to ensure there is a sufficient supply of crude oil from countries other than Iran and to minimize any impact on the price of oil re- Page 2083 TITLE 22—FOREIGN RELATIONS AND INTERCOURSE § 8513a sulting from the imposition of sanctions under this section. (2) Report required Not later than 180 days after December 31, 2011, and every 180 days thereafter, the Presi- dent shall submit to Congress a report on the efforts of the President to carry out the initia- tive described in paragraph (1)(A) and conduct the outreach described in paragraph (1)(B) and the results of those efforts. (f) Form of reports Each report submitted under this section shall be submitted in unclassified form, but may con- tain a classified annex. (g) Implementation; penalties (1) Implementation The President may exercise all authorities provided under sections 203 and 205 of the International Emergency Economic Powers Act (50 U.S.C. 1702 and 1704) to carry out this section. (2) 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, at- tempts to violate, conspires to violate, or causes a violation of this section or regula- tions prescribed under this section to the same extent that such penalties apply to a person that commits an unlawful act described in sec- tion 206(a) of that Act. (h) Definitions In this section: (1) Account; correspondent account; payable- through account The terms ‘‘account’’, ‘‘correspondent ac- count’’, and ‘‘payable-through account’’ have the meanings given those terms in section 5318A of title 31. (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 sec- tion 8513(i) of this title. (3) Significant reductions The terms ‘‘reduce significantly’’, ‘‘signifi- cant reduction’’, and ‘‘significantly reduced’’, with respect to purchases from Iran of petro- leum and petroleum products, include a reduc- tion in such purchases in terms of price or vol- ume toward a complete cessation of such pur- chases. (4) United States person The term ‘‘United States person’’ means— (A) a natural person who is a citizen or resident of the United States or a national of the United States (as defined in section 1101(a) of title 8); and (B) an entity that is organized under the laws of the United States or a jurisdiction within the United States. (i) Termination The provisions of this section shall terminate on the date that is 30 days after the date on which the President submits to Congress the certification described in section 8551(a) of this title. (Pub. L. 112–81, div. A, title XII, § 1245, Dec. 31, 2011, 125 Stat. 1647; Pub. L. 112–158, title V, §§ 503(a)(1), (b)(1), 504(a), Aug. 10, 2012, 126 Stat. 1260, 1261; Pub. L. 112–239, div. A, title XII, § 1250, Jan. 2, 2013, 126 Stat. 2016; Pub. L. 118–50, div. S, § 2, Apr. 24, 2024, 138 Stat. 1003.) Editorial Notes REFERENCES IN TEXT The International Emergency Economic Powers Act, referred to in subsecs. (c) and (d)(1), is title II of Pub. L. 95–223, Dec. 28, 1977, 91 Stat. 1626, which is classified generally to chapter 35 (§ 1701 et seq.) of Title 50, War and National Defense. For complete classification of this Act to the Code, see Short Title note set out under section 1701 of Title 50 and Tables. CODIFICATION Section was enacted as part of the National Defense Authorization Act for Fiscal Year 2012, and not as part of the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 which comprises this chap- ter. AMENDMENTS 2024—Subsec. (d)(5), (6). Pub. L. 118–50 added par. (5) and redesignated former par. (5) as (6). 2013—Subsec. (d)(5)(B)(ii), (iii). Pub. L. 112–239 added cl. (ii) and redesignated former cl. (ii) as (iii). 2012—Subsec. (d)(2). Pub. L. 112–158, § 503(a)(1), in- serted ‘‘agricultural commodities,’’ after ‘‘sales of’’ in heading and after ‘‘sale of’’ in text. Subsec. (d)(3). Pub. L. 112–158, § 504(a)(1)(A), struck out ‘‘a foreign financial institution owned or controlled by the government of a foreign country, including’’ after ‘‘with respect to’’. Subsec. (d)(4)(A). Pub. L. 112–158, § 503(b)(1), sub- stituted ‘‘October 25, 2012, and the last Thursday of every other month thereafter’’ for ‘‘60 days after De- cember 31, 2011, and every 60 days thereafter’’ and ‘‘2- month period’’ for ‘‘60-day period’’. Subsec. (d)(4)(D)(i). Pub. L. 112–158, § 504(a)(1)(B)(i), (ii), designated existing provisions as cl. (i) and in- serted cl. heading, substituted ‘‘a financial transaction described in clause (ii) conducted or facilitated by a foreign financial institution’’ for ‘‘a foreign financial institution’’ and ‘‘institution—’’ for ‘‘institution has significantly’’, inserted subcl. (I) designation and ‘‘has significantly reduced’’ before ‘‘reduced its volume’’, and added subcl. (II). Subsec. (d)(4)(D)(ii). Pub. L. 112–158, § 504(a)(1)(B)(iii), added cl. (ii). Subsec. (h)(3), (4). Pub. L. 112–158, § 504(a)(2), added par. (3) and redesignated former par. (3) as (4). Subsec. (i). Pub. L. 112–158, § 504(a)(3), added subsec. (i). Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2012 AMENDMENT Pub. L. 112–158, title V, § 503(a)(2), Aug. 10, 2012, 126 Stat. 1261, provided that: ‘‘The amendments made by paragraph (1) [amending this section] shall take effect as if included in the National Defense Authorization Act for Fiscal Year 2012 (Public Law 112–81; 125 Stat. 1298).’’ Pub. L. 112–158, title V, § 503(b)(2), Aug. 10, 2012, 126 Stat. 1261, provided that: ‘‘The amendments made by paragraph (1) [amending this section] shall take effect on September 1, 2012.’’ Pub. L. 112–158, title V, § 504(b), Aug. 10, 2012, 126 Stat. 1262, provided that: ‘‘The amendments made by para- graphs (1) and (2) of subsection (a) [amending this sec- Page 2084 TITLE 22—FOREIGN RELATIONS AND INTERCOURSE § 8513b tion] shall apply with respect to financial transactions conducted or facilitated on or after the date that is 180 days after the date of the enactment of this Act [Aug. 10, 2012].’’ Executive Documents DELEGATION OF FUNCTIONS Ex. Ord. No. 13599, Feb. 5, 2012, 77 F.R. 6659, which is listed in a table under section 1701 of Title 50, War and National Defense, provided in section 10 that the Sec- retary of the Treasury, in consultation with the Sec- retary of State, is authorized to exercise the functions and authorities conferred upon the President by sub- secs. (d)(1)(A) and (g)(1) of this section and to redele- gate such functions and authorities consistent with ap- plicable law; and provided in section 11 that the Sec- retary of State, in consultation with the Secretary of the Treasury, the Secretary of Energy, and the Direc- tor of National Intelligence, is authorized to exercise the functions and authorities conferred upon the Presi- dent by subsec. (d)(4)(D) of this section and that the Secretary of State, in consultation with the Secretary of the Treasury, is authorized to exercise the functions and authorities conferred upon the President by sub- secs. (e)(1), (2) and (g)(1) of this section and to redele- gate all such functions and authorities consistent with applicable law. Memorandum of President of the United States, Jan. 20, 2014, 79 F.R.6453, provided: Memorandum for the Secretary of State By the authority vested in me as President by the Constitution and the laws of the United States of America, including section 301 of title 3 of the United States Code, I hereby delegate to the Secretary of State, in consultation with the Secretary of the Treas- ury, the authority conferred upon the President by sec- tion 1245(d)(5) of the Fiscal Year (FY) 2012 National De- fense Authorization Act (NDAA). Any reference in this memorandum to provisions of the FY 2012 NDAA related to the subject of this memo- randum shall be deemed to include references to any hereafter enacted provisions of law that is the same or substantially the same as such provisions. You are authorized and directed to publish this memorandum in the Federal Register. BARACK OBAMA. PRESIDENTIAL DETERMINATIONS RELATING TO PETROLEUM OR PETROLEUM PRODUCTS FROM IRAN The following Presidential Determinations related to the existence of sufficient supplies of petroleum and pe- troleum products from countries other than Iran pursu- ant to subsec. (d)(4)(B) and (C) of this section: Determination of President of the United States, No. 2025–01, Nov. 7, 2024, 89 F.R. 92025. Determination of President of the United States, No. 2024–04, May 8, 2024, 89 F.R. 46015. Determination of President of the United States, No. 2024–01, Nov. 11, 2023, 88 F.R. 82775. Determination of President of the United States, No. 2023–08, May 11, 2023, 88 F.R. 32619. Determination of President of the United States, No. 2023–03, Jan. 30, 2023, 88 F.R. 8347. Determination of President of the United States, No. 2022–12, May 12, 2022, 87 F.R. 30383. Determination of President of the United States, No. 2022–04, Nov. 12, 2021, 86 F.R. 64795. Determination of President of the United States, No. 2021–07, May 19, 2021, 86 F.R. 28235. Determination of President of the United States, No. 2021–03, Jan. 14, 2021, 86 F.R. 7789. Determination of President of the United States, No. 2020–06, June 5, 2020, 85 F.R. 36995. Determination of President of the United States, No. 2020–03, Oct. 25, 2019, 84 F.R. 59917. Determination of President of the United States, No. 2019–12, Apr. 29, 2019, 84 F.R. 22327. Determination of President of the United States, No. 2019–04, Oct. 31, 2018, 83 F.R. 57673. Determination of President of the United States, No. 2018–08, May 14, 2018, 83 F.R. 26345. Determination of President of the United States, No. 2018–1 [2018–01], Nov. 15, 2017, 82 F.R. 59503. Determination of President of the United States, No. 2017–06, May 17, 2017, 82 F.R. 28391. Determination of President of the United States, No. 2017–01, Nov. 14, 2016, 81 F.R. 85833. Determination of President of the United States, No. 2016–06, May 19, 2016, 81 F.R. 37481. Determination of President of the United States, No. 2016–03, Nov. 18, 2015, 80 F.R. 75921. Determination of President of the United States, No. 2015–06, May 19, 2015, 80 F.R. 32851. Determination of President of the United States, No. 2015–02, Nov. 21, 2014, 79 F.R. 71619. Determination of President of the United States, No. 2014–11, June 4, 2014, 79 F.R. 33841. Determination of President of the United States, No. 2014–03, Nov. 29, 2013, 78 F.R. 76717. Determination of President of the United States, No. 2013–10, June 5, 2013, 78 F.R. 35537. Determination of President of the United States, No. 2013–03, Dec. 7, 2012, 77 F.R. 76213. Determination of President of the United States, No. 2012–09, June 11, 2012, 77 F.R. 36387. Determination of President of the United States, No. 2012–05, Mar. 30, 2012, 77 F.R. 21387. § 8513b. Expansion of, and reports on, mandatory sanctions with respect to financial institu- tions 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 to apply to a foreign financial institu- tion described in subsection (b) to the same ex- tent and in the same manner as those regula- tions apply to a foreign financial institution that the Secretary of the Treasury finds know- ingly engages in an activity described in section 8513(c)(2) of this title. (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, including by acting on behalf of, at the direction of, or as an inter- mediary for, or otherwise assisting, another person with respect to the activity; (2) attempts or conspires to facilitate or par- ticipate in such an activity; or (3) is owned or controlled by a foreign finan- cial institution that the Secretary finds know- ingly 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 con- tains a detailed description of— (A) the effect of the regulations prescribed under section 8513(c)(1) of this title on the fi- nancial 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 sec-