Iran's Revolutionary Guard Corps Sanctions Implementation and Review Act

Iran's Revolutionary Guard Corps Sanctions Implementation and Review Act

This bill amends the Iran Threat Reduction and Syrian Human Rights Act of 2012 to require the President to block and prohibit all transactions in property and property interests of a foreign person that knowingly supports or conducts certain transactions with Iran's Revolutionary Guard Corps (IRGC) or other sanctioned persons if that property and those property interests are in the United States, come within the United States, or are or come within the possession or control of a U.S. person.

The President may issue licenses to U.S. persons to engage in such property transactions with an otherwise blocked foreign person.

The Government Accountability Office (GAO) shall report annually to the President and Congress on all foreign persons not currently subject to such sanctions that, within the preceding three years, have been reported to have conducted transactions or have provided material support to the IRGC or any of its agents or affiliates.

The President shall:

• review an identified foreign person to determine whether there is sufficient evidence to impose sanctions; and
• if so, include that person on the list of specially designated nationals and blocked persons maintained by the Office of Foreign Assets Control of the Department of the Treasury and impose sanctions.

The Securities Exchange Act of 1934 is amended to require securities issuers to report to the Securities and Exchange Commission any financial transactions with a foreign person identified in the most recent GAO report before the commencement of the transaction or dealing.