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Latta on Passage of Iran Terror Finance Transparency Act

Washington, February 2, 2016 | Dan Alfaro (202-225-6405)

Congressman Bob Latta (R-Bowling Green) today voted in support of HR 3662, the Iran Terror Finance Transparency Act. The legislation would increase congressional oversight and prohibit sanctions relief for institutions and individuals supporting terrorism or Iran's ballistic missile program.

“The Iran nuclear agreement is one of this President’s more glaring failings in the foreign policy arena,” said Latta. “This regime stands to receive more than $100 billion in sanctions relief, and is now on the path to succeed in its pursuit of attaining a nuclear weapons program. As the President continues to make a concerted effort to sell this agreement to the American people, Iran has become more emboldened than ever. This is evident by their recent ballistic missile tests. This legislation empowers Congress with the authority to prevent the President from making unilateral decisions that would enable Iran to continue its support of enemies of the state, and prevent the regime from attaining weapons of mass destruction.”

 

HR 3662:

· Blocks the President from offering sanctions relief to an individual or bank until certifying that such entity has not conducted a significant transaction with a terrorist organization, the Islamic Revolutionary Guard Corps or in support of either Iran’s ballistic missile or its conventional weapons programs.

· Prohibits the Administration from lifting Iran’s designation as a “Jurisdiction of Primary Money Laundering Concern” until it certifies that the Government of Iran is no longer supporting terrorism, pursuing weapons of mass destruction and their means of delivery, or engaging in illicit financial activities.

· Provides Congress greater insight into how the Treasury Department licenses specific U.S. companies to do business in Iran. · Applies the Congressional Review Act to provide Congress the ability to disapprove of Iran related changes to the Code of Federal Regulations.

· Clarifies that Iran’s proxies—Hezbollah, Hamas, and the Palestinian Islamic Jihad—are included in the definition terrorist organizations for the purposes of financial sanctions against Iran.

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