Moving the Money: Understanding the Iranian Regime’s Access to Money Around the... (EventID=116476)

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Connect with the House Financial Services Committee Get the latest news: https://democrats-financialservices.house.gov/ Follow us on Facebook: https://www.facebook.com/HouseFinanci... Follow us on Twitter: https://twitter.com/FSCDems ___________________________________ On Thursday, October 26, 2023, at 9:00 a.m. (ET) Subcommittee on Oversight and Investigations Chair Huizenga and Ranking Member Green will host a hearing entitled, “Moving the Money: Understanding the Iranian Regime’s Access to Money Around the World and How They Use It to Support Terrorism." ___________________________________ Witness for this one-panel hearing will be: • Mr. Richard Goldberg: Senior Advisor, Foundation for Defense of Democracies • Mr. Gabriel Noronha: Fellow, The Gemunder Center for Defense and Strategy, The Jewish Institute for National Security of America (JINSA) ___________________________________ This hearing will examine how restricted Iranian funds are held around the world and how the Iranian regime continues to access these funds. The Subcommittee will review why $6 billion in restricted Iranian funds in South Korea were transferred to Qatar, as was purportedly required by the terms of the September 2023 hostage negotiation. The hearing will also focus on why the Biden Administration granted Iraq a waiver to transfer $10 billion in restricted Iranian funds to Oman and potentially to other jurisdictions as well. Background Iran sanctions have been a significant component of U.S. policy since Iran’s 1979 Islamic Revolution. U.S. sanctions are intended to compel Iran to cease supporting acts of terrorism, persuade Iran to end its nuclear program, and limit Iran’s strategic power in the Middle East more generally. As of 2018, U.S. sanctions on Iran block Iranian government assets in the United States, ban nearly all U.S. trade with Iran (except food and agricultural commodities, medicine, medical supplies, and humanitarian-related goods), and prohibit foreign assistance and arms sales. Despite sanctions, Iran has continued to provide funding to international terrorist organizations, including Hamas and Hezbollah. $6 Billion in Transferred Funds from South Korea to Qatar In September 2023, Iran released five U.S. citizens held by Tehran.In exchange, the United States released five Iranians held in the United States. As a part of the terms of the negotiation, the Biden Administration also transferred $6 billion of Iranian funds from accounts in South Korea, through accounts in Europe, ultimately to accounts in Qatar. These funds are to be used for humanitarian purposes, such as food and medicine. However, Iranian President Ebrahim Raisi claimed Iran would use the funds “wherever we need it.” In response to the Hamas attack on Israel in October 2023, recent reports say the Biden Administration and Qatar have come to a “quiet understanding” to deny Iran access to the $6 billion dollars. $10 Billion in Transferred Funds from Iraq to Oman In July 2023, Secretary of State Anthony Blinken signed a 120-day national security waiver allowing Iraq to pay Iran for importing Iranian electricity. The electricity waiver also allows for the transfer of $10 billion from Iran’s restricted accounts in Iraq to restricted accounts in Oman. Once in Oman, the funds will only be available “for non-sanctionable activities such as humanitarian assistance.” There have been no public reports on the current status of this funding and whether it continues to be available to Iran for humanitarian purposes. ___________________________________ Hearing page: https://democrats-financialservices.house.gov/events/eventsingle.aspx?EventID=410864