H.R. 2468: No Sanctions Relief for Terrorists Act

This bill, titled the No Sanctions Relief for Terrorists Act, seeks to enhance restrictions on certain foreign individuals and entities associated with terrorism, specifically those from Iran. Here’s what the bill proposes:

Prohibition on Licenses and Waivers

The bill states that no licenses or waivers can be granted for transactions involving foreign individuals or entities linked to terrorism unless certain conditions are met. Specifically:

• The President must certify to designated congressional committees that the foreign parties have stopped their involvement in terrorism.

The relevant committees that must receive this certification include:

• The Committee on Foreign Affairs and the Committee on Financial Services from the House of Representatives.
• The Committee on Foreign Relations and the Committee on Banking, Housing, and Urban Affairs from the Senate.

Targeted Individuals and Entities

The bill explicitly targets Iranian individuals and entities that were listed as specially designated nationals and blocked persons by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) as of January 20, 2021. This designation specifically includes those involved with terrorism or supporting terrorist activities.

General License Clarification

Additionally, the bill clarifies that its prohibitions will not affect any general licenses that were in effect as of January 20, 2021, regarding transactions with the persons described. This suggests that while new waivers and licenses are restricted, existing ones are not to be altered or revoked by this legislation.

Overall Objective

The overall objective of the bill is to ensure that entities and individuals identified as terrorists by the U.S. government remain sanctioned and that there are strict controls on any transactions involving them to prevent potential financial contributions or support to terrorist activities.

Relevant Companies

None found