This bill would prohibit the U.S. government from making payments to the Iranian government involving dollars or foreign currency while reaffirming that it’s U.S. policy not to pay ransom or release prisoners in exchange for the release of American citizens held hostage overseas. The ban on direct or indirect cash payments to Iran would remain in effect until the president certifies that Iran doesn’t participate in money laundering or finance terrorism.
Future payments to Iran would be assessed on a case-by-case basis in a format that doesn’t give Iran access to U.S. dollars or other forms of currency. The Office of Foreign Assets Control within the Dept. of the Treasury would be responsible for granting a license for the transaction.
The president would be required to publish a list of of all transactions with Iran in the Federal Register, and notify Congress at least 30 days prior to completing a settlement with Iran by verifying the following details about the transaction:
The amount of the transaction, including total principal and interest;
Legal analysis of the settlement;
A presidential certification that it is not a ransom for hostages held by Iran;
An identification of the divisions of Iran’s government that will get the funds;
A certification that the funds won’t be used to fund terrorism or the Assad regime in Syria;
- Whether an equal amount of Iranian funds are available and accessible in the U.S. to compensate victims of Iranian-sponsored terrorism.