0
Closing IRGC Sanctions Loopholes Act
12/15/2023, 3:57 PM
Summary of Bill HR 2958
The IRGC is a powerful military and paramilitary organization in Iran that has been involved in various activities deemed as threats to US national security, including support for terrorist groups and destabilizing actions in the Middle East. The US government has imposed sanctions on the IRGC in the past, but this bill aims to strengthen those sanctions by closing any existing loopholes that may allow the IRGC to evade them.
Specifically, the Closing IRGC Sanctions Loopholes Act seeks to expand the scope of sanctions on individuals and entities that are affiliated with the IRGC. It also aims to increase transparency and accountability in the enforcement of these sanctions, by requiring regular reports to Congress on the implementation and effectiveness of the sanctions. Overall, this bill is intended to bolster US efforts to counter the activities of the IRGC and hold them accountable for their actions. It reflects the ongoing concerns about Iran's destabilizing behavior in the region and the need to address any weaknesses in existing sanctions regimes.
Congressional Summary of HR 2958
Closing IRGC Sanctions Loopholes Act
This bill expands sanctions on those associated with Iran's Revolutionary Guard Corps (IRGC).
Current law requires the President to identify foreign persons (individuals and entities) that are officials, agents, or affiliates of the IRGC and impose visa- and property-blocking sanctions on them. The bill expands this requirement to include identifying and sanctioning foreign persons that are owned or controlled by the IRGC. The President must also identify foreign persons attempting to conduct sensitive transactions or activities on behalf of such IRGC-associated persons.
The bill expands the definition of sensitive transactions or activities, which are used to identify persons potentially subject to sanctions, to include transactions providing support for an act of international terrorism or providing material support to (1) a foreign terrorist organization, (2) a foreign person sanctioned under Executive Order 13224 (related to sanctioning those who commit or support terrorism), or (3) the Syrian government or its agencies or instrumentalities. Additionally, the bill lowers the threshold for financial transactions involving non-Iranian financial institutions to qualify as a sensitive transaction from $1,000,000 to $500,000 per year and adds similar transactions involving Iranian financial institutions.
The bill requires the President to investigate certain categories of foreign persons to determine if they are subject to these sanctions (versus prioritizing such investigations as under current law). The bill also adds foreign persons listed in specified attachments to U.N. Security Council Resolution 2231 (concerning Iran's nuclear program) as a new category the President must investigate to determine if there are any sanctionable relationships to the IRGC.
