S.Amdt. 246

SA 246. Mr. TOOMEY submitted an amendment intended to be proposed by
him to the bill S. 722, to impose sanctions with respect to Iran in
relation to Iran's ballistic missile program, support for acts of
international terrorism, and violations of human rights, and for other
purposes; which was ordered to lie on the table; as follows:

On page 43, between lines 19 and 20, insert the following:

SEC. 9. REPORT ON BOOK ENTRY TRANSFERS CONDUCTED BY FINANCIAL
INSTITUTIONS IN CONNECTION WITH ASSETS OF THE
GOVERNMENT OF IRAN.

(a) In General.--Not later than 180 days after the date of
the enactment of this Act, the Secretary of the Treasury
shall submit to the appropriate congressional committees a
report that includes the following:

[[Page S3498]]

(1) An analysis of the legality of overseas book entry
transfers conducted by financial institutions present in the
United States in connection with assets in which the
Government of Iran, or an agency or instrumentality of the
Government of Iran, holds a beneficial ownership interest,
under--
(A) Executive Order 13599 (77 Fed. Reg. 6659; relating to
Blocking property of the Government of Iran and Iranian
financial institutions);
(B) part 560 of title 31, Code of Federal Regulations
(commonly known as the ``Iranian Transactions and Sanctions
Regulations''); or
(C) any other relevant statutes, executive orders,
regulations, or judicial orders.
(2) Recommendations, if any, on how to maintain the
integrity of United States sanctions and other financial
regulations in light of transfers described in paragraph (1).
(b) Definitions.--In this section:
(1) The term ``financial institution'' means any entity
engaged in the business of dealing with monetary
transactions, including banks, trust companies, insurance
companies, brokerage firms, investment dealers, securities
intermediaries, central securities depositories, and post
trade services providers.
(2) The term ``overseas book entry transfers'' means a
transaction in which cash is not moved from an account in the
United States to an account overseas by wire or other
analogous method, but instead is made accessible to an
overseas client of a financial institution carrying out the
transaction by entry of debits and credits in books or
ledgers internal to that financial institution.
(3) The term ``present in the United States'', with respect
to a financial institution, means that the financial
institution has sufficient nexus with the United States so as
to be subject to the regulatory authority of the Department
of the Treasury.
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