The House will vote on a bill that would prevent the Obama administration from lifting sanctions on Iranian banks and government officials until certifications are submitted to Congress — verifying the entities were not involved with nuclear proliferation or terrorist activities.

Iran Terror Finance Transparency Act

This bill prohibits the President from removing certain foreign financial institutions, including an Iranian financial institution, from the list of designated nationals and blocked persons maintained by the Office of Foreign Asset Control of the Treasury until the President makes two certifications to Congress, the first of which is that the institution has not knowingly facilitated a significant transaction or transactions or provided significant financial services for or on behalf of:
Iran’s Revolutionary Guard Corps or any of its agents or affiliates whose property or property interests are blocked pursuant to the International Emergency Economic Powers Act (IEEPA), a foreign terrorist organization for or on behalf of a person whose property or property interests have been blocked pursuant to Executive Order 13224, and a person whose property or property interests are blocked pursuant to the IEEPA in connection with Iran’s proliferation of weapons of mass destruction. The second certification shall be that the institution no longer knowingly engages in illicit or deceptive financial transactions or other activities.
The President may not remove specified foreign persons from the list of designated nationals and blocked persons maintained by the Office of Foreign Asset Control until the President certifies to Congress that the person has not knowingly:
assisted in or provided financial, material, or technological support for terrorism or a terrorist organization; and engaged in significant activities or transactions that have materially contributed to Iran’s proliferation of weapons of mass destruction or their means of delivery. The President may not remove Iran’s designation as a jurisdiction of primary money laundering concern unless the President certifies to Congress that Iran is no longer engaged in support for terrorism, pursuit of weapons of mass destruction, and any illicit and deceptive financial activities.
Certain agency rule making regarding Iran is subjected to congressional review requirements.
The Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 is amended to prohibit or impose strict conditions on the opening or maintaining in the United States of a correspondent account or a payable-through account by a foreign financial institution that facilitates Iran’s support for Hezbollah, Hamas, the Palestinian Islamic Jihad, and any affiliates or successors.