H.R. 348: Stop Corrupt Iranian Oligarchs and Entities Act

This bill, titled the Stop Corrupt Iranian Oligarchs and Entities Act, proposes the preparation of a report detailing key individuals and organizations linked to corruption in Iran. The main objective is to provide information that might help in addressing the influence of corrupt Iranian figures and entities, specifically those with close ties to the Iranian government.

Key Provisions of the Bill

• Submission Timeline: The Secretary of the Treasury is required to submit a comprehensive report within 180 days after the bill becomes law.
• Scope of the Report: The report must include:
• Identification of Key Figures: Senior foreign political figures and oligarchs in Iran, including their net worth and connections to Iranian leaders.
• Corruption Indices: Any indicators of corruption tied to these figures.
• Income Sources: Known sources of income for these individuals and their family members.
• Business Affiliations: Non-Iranian business relationships of these figures.
• Analysis of Parastatal Entities: Examination of Iranian parastatal entities, including their emergence, leadership, and non-Iranian business connections.
• Sector Exposure: Evaluation of how U.S. economic sectors such as banking, insurance, and real estate might be exposed to these Iranian individuals or entities.
• Impact of Potential Sanctions: Information on the likely effects of imposing financial restrictions on these entities, including an assessment of how sanctions could affect the Iranian economy, as well as the economies of the United States and its allies.
• Classified and Unclassified Information: The report will primarily be unclassified but may include a classified annex as necessary.

Definitions Included in the Bill

• Appropriate Congressional Committees: Refers to several specific committees in both the House of Representatives and the Senate that will review the report.
• Iranian Parastatal Entities: Defined as entities with at least 25% Iranian State ownership and revenues over $2 billion as of 2016.
• Senior Foreign Political Figure: This term refers to high-ranking political figures as defined under specific regulatory codes.

Purpose of the Bill

The overarching aim of the legislation is to shed light on the relationships and financial activities of influential Iranian individuals and organizations. By providing detailed insights, the bill aims to facilitate a better understanding of how corruption manifests in Iran and its broader implications for both the Iranian economy and international relations, especially concerning sanctions and financial policies.

Relevant Companies

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