Stop Corrupt Iranian Oligarchs and Entities Act
H.R. 348, the Stop Corrupt Iranian Oligarchs and Entities Act, would require the U.S. Treasury Secretary, in coordination with the Director of National Intelligence and the Secretary of State, to produce a detailed 180-day report for congressional committees. The report would map out Iran’s senior foreign political figures and oligarchs, describe Iranian parastatal entities (as defined by state ownership and revenue thresholds), and assess their connections to non-Iranian business interests. It would also examine how exposed key U.S. economic sectors are to these Iranian actors and evaluate the likely effects of imposing debt and equity restrictions or expanding sanctions (including adding parastatals to the OFAC Specially Designated Nationals list). The report would be unclassified but could include a classified annex. The bill’s targeting is informational and policy-oriented, intended to inform potential future sanctions and financial measures.
Key Points
- 1Authors a mandatory 180-day, unclassified (with possible classified annex) report on Iran’s oligarchs and parastatal entities, produced by Treasury in consultation with DNI and State.
- 2Focus areas for oligarchs: identification and net worth, ties to Iran’s ruling elite, indicators of corruption, income sources (including family members and beneficial ownership), and non-Iranian business affiliations.
- 3Focus areas for parastatal entities: emergence and role in Iran’s economy, leadership structures and beneficial ownership, and non-Iranian business affiliations.
- 4Also analyzes exposure of U.S. economic sectors (banking, securities, insurance, real estate) to Iranian politically connected individuals, parastatals, and state-owned enterprises.
- 5Evaluates the likely effects of sanctions or debt/equity restrictions on Iranian parastatatal entities and the potential impact of adding such entities to the OFAC SDN list, plus broader economic implications for Iran and U.S. and allied economies.