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H.R. 4324: Strengthening Oversight of Iran’s Access to Finance Act
On Passage of the Bill in the House

This was a vote to pass H.R. 4324 in the House.

H.R. 4324 would require the Department of the Treasury to submit a report to Congress regarding financial transactions authorized in connection with commercial passenger aircraft sales to Iran.

Specifically, the bill requires the Secretary of the Treasury to report to the House Financial Services and Foreign Affairs Committees and the Senate Banking and Foreign Relations Committees, no later than 30 days after authorizing a transaction by U.S. or foreign financial institutions in connection with the export or re-export of commercial aircraft to Iran, and every 180 days thereafter.

The report shall include:

  • A list of financial institutions, if any, that have conducted aircraft-related transactions authorized by Treasury since January 16, 2017 (“Implementation Day” of the Joint Comprehensive Plan Of Action (“JCPOA”)); and
  • A certification that:
  • The authorized transaction does not pose a significant money laundering or terrorism financing risk to the U.S. financial system;
  • The authorized transaction does not benefit an Iranian person that, in the year preceding the certification, has knowingly transported items used for the proliferation of weapons of mass destruction, or has knowingly provided transportation services or material support for, or on behalf of, any person designated under Executive Orders 13224 (relating to support for terrorism), 13382 (relating to weapons proliferation), or 13572 (relating to human rights abuses and repression in Syria); and
  • Any financial institution that has conducted an authorized transaction has appropriate policies and procedure in place to avoid engaging in sanctionable activities that may result from their exposure to Iran.

If the Secretary notifies Congress that the certification cannot be made, the Secretary would have an additional 60 days to submit a report including:

  • An explanation for the Secretary’s inability to make the certification; and
  • A notification as to whether the Secretary will: not amend the authorization, despite the non-certification; suspend the authorization until the Secretary can make the certification; revoke the authorization; or otherwise amend the authorization.

Under the JCPOA, the Obama Administration agreed to license exports of commercial passenger planes to Iran and lifted sanctions on Iran Air, the country’s leading state-owned carrier. Iran remains classified by the U.S. government as the world’s foremost state sponsor of terrorism and a jurisdiction of primary money laundering concern.

In 2016, the Treasury Department’s Office of Foreign Assets Control (OFAC) issued licenses permitting aircraft manufacturers to export more than 200 aircraft to Iran. These licenses included authorization for U.S. financial institutions to undertake all financial transactions necessary to effectuate the sale of the aircraft, potentially meaning that U.S. citizens’ deposits and investments could be used to finance Iran.

Iran Air has used civilian planes for military purposes, including the transport of rockets, missiles, and other military cargo on behalf of the Islamic Revolutionary Guard Corps (IRGC), and has continued to operate flights to Syria using known weapons resupply routes. Additionally, U.S. financing for Iran Air could pose acute illicit finance risks for financial institutions.

Source: Republican Policy Committee


All Votes R D
Yea 58%
Nay 39%
Not Voting 3%

Passed. Simple Majority Required. Dec 14, 2017 at 11:26 a.m. ET. Source:

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