To provide for the rescission of certain waivers and licenses relating to Iran, and for other purposes.
H.R. 2575 seeks to rescind specific sanctions waivers and licenses related to Iran and to prevent the government from issuing new ones for similar purposes. Specifically, it would terminate a waiver tied to certain Iran-related funds transfers (the waiver enacted under NDAA 2012 and IFCAP 2012 concerning a transfer of funds from Korea to Qatar, transmitted to Congress on Sept. 11, 2023) and revoke any related Treasury/OFAC licenses. It also prohibits the President from reissuing those waivers or licenses for the same purposes. Additionally, the bill bars the President from using similar waiver authority or issuing licenses that would allow Iran or Iranian entities access to or benefit from accounts established under NDAA 2012 authorities (as described in 1245(d)(4)(D)(ii)(II)). In short, the bill is a straightening of sanctions controls to cut off a specific pathway for Iran to access funds and to prevent broadened access via waivers or licenses.
Key Points
- 1Terminates the waiver under NDAA 2012 section 1245(d)(5) and IFCAP 2012 sections 1244(i) and 1247(f, related to a transfer of funds from Korea to Qatar), as transmitted to Congress on Sept. 11, 2023.
- 2Vacates and bars the use of any general or specific licenses issued by the Office of Foreign Assets Control (OFAC) tied to the funds described in the above waiver.
- 3Prohibits the President from reissuing any new waiver or license for the same or similar purposes.
- 4Section 2 restricts the President from exercising waiver authority or issuing licenses that would allow the Government of Iran or any Iranian person access to accounts established under NDAA 2012 authority (specifically 1245(d)(4)(D)(ii)(II)) or to benefit from such accounts.
- 5On enactment, the specified waivers and licenses are effectively removed, and related authorities are frozen to prevent future similar actions.