§ 8513b. Expansion of, and reports on, mandatory sanctions with respect to financial institutions that engage in certain activities

• (a) 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 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 .
• (b) 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 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)
  • (1) 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 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 , 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) Each report submitted under paragraph (1) shall be submitted in unclassified form but may contain a classified annex.
• (d) In this section:
  • (1) 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 .
  • (2) 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 .
  • (3) 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).