This bill — the Stop Corrupt Iranian Oligarchs and Entities Act — would direct the Treasury Secretary, in consultation with the Director of National Intelligence (DNI) and the Secretary of State, to submit a report to the appropriate Congressional committees on Iranian oligarchs and entities that are profiting off the Iranian people. This report would be due within 180 days of this bill’s passage, and it would be required to be submitted in an unclassified form (but it may contain a classified annex).
This report’s contents would be required to include details on:
- An identification of the most significant senior foreign political figures and oligarchs in Iran, as determined by their closeness to the Iranian government, and assessments of: 1) their net worths, 2) relationships to Iranian President Hassan Rouhani or other members of the Iranian ruling elite, 3) an identification of any indices of these individuals’ corruption, 4) these individuals’ known sources of income, as well as the known sources of income of their family members (including spouses, children, parents, and siblings), and 5) an identification of these individuals’ non-Iranian business affiliations.
- An identification of Iranian parastatal entities, including assessments on: 1) their emergence and their roles in the Iranian economy, 2) their leadership structures and beneficial ownership, and 3) such entities’ non-Iranian business affiliations.
- Information on key U.S. economic sectors’ (e.g., banking, securities, insurance, and real estate) exposure to Iranian politically affiliated persons, Iranian parastatal entities, and Iranian state-owned enterprises.
- Information on the likely effects of imposing debt and equity restrictions on Iranian parastatal entities, as well as the anticipated effects of adding these entities to the list of Specially Designated Nationals maintained by the Treasury Dept.’s Office of Foreign Assets Control.
- Information on the potential impacts of imposing sanctions of debt and equity restrictions in addition to any existing sanctions or restrictions on Iranian oligarchs, Iranian parastatal entities, or Iranian state-owned enterprises, including impacts on the oligarchs, entities, and enterprises and on the Iranian economy, as well as those of the U.S. and its allies.
“Iranian parastatal entities” are defined as entities that are at least 25 percent owned by the Iranian state, and which had 2016 revenues of approximately $2 billion or more.