Rep. French Hill
Bipartisan legislation sponsored on Oct. 25 by U.S. Rep. French Hill (R-AR) would require the U.S. Department of the Treasury to brief Congress on the finances of Iranian leadership and require financial institutions to close accounts connected to these individuals.
“The Iranian regime has been funding terror for far too long,” Rep. Hill said. “Hamas is a creature of Iranian money and training, and the recent barbaric terrorist attacks against Israel necessitate retaliation against Hamas’ enabler, Iran. We need accountability and transparency into the finances of Iran’s leaders.”
The Holding Iranian Leaders Accountable Act of 2023, H.R. 6051, which Rep. Hill offered alongside lead original cosponsor U.S. Rep. Juan Vargas (D-CA), aims to provide a window into the corrupt business practices of Iran’s top kleptocrats and limit their financial holdings, which are used to support and sponsor terrorism, according to a bill summary provided by the lawmakers.
“I thank my colleague, Rep. Vargas, for joining me in reintroducing this bill that will provide critical insight and cut off financial services to Iran’s most senior government and military officials,” said Rep. Hill.
According to the text of H.R. 6051, the Treasury Department in 2019 designated the Islamic Republic of Iran’s financial sector as a jurisdiction of primary money laundering concern, and concluded that Iran has developed covert methods for accessing the international financial system and pursuing its malign activities, including misusing banks and exchange houses, operating procurement networks that utilize front or shell companies, exploiting commercial shipping, and masking illicit transactions using senior officials, including those at the Central Bank of Iran.
In June 2019, the Financial Action Task Force urged all jurisdictions to require increased supervisory examination for branches and subsidiaries of financial institutions based in Iran, the text says.
“Iran has spent decades funding terrorism against the United States and our allies,” said Rep. Vargas. “We need a bipartisan front to protect our nation, defend our allies, and assist innocent civilians in the Middle East. I’m proud to join my good colleague, Rep. French Hill, to propose legislation that will provide transparency into the financial corruption of the Iranian regime and hold them accountable for their support of terrorism.”
If enacted, H.R. 6051 specifically would require the President of the United States to submit a report to the appropriate members of Congress containing the estimated total of funds or assets that are under direct or indirect control by specific persons and a description of such funds or assets; a description of how such funds or assets were acquired and how they have been used or employed; and a list of any non-Iranian financial institutions that maintain an account in connection with these funds or assets, among other provisions.
The measure has been referred to both the U.S. House Financial Services Committee and the U.S. House Foreign Affairs Committee for consideration.