Like H.R. 4324 of 11/9/17, this bill was introduced in response to research showing that Iran Air may have been working closely with Iran’s Revolutionary Guards Corps. It would impose new congressional oversight procedures on sales of commercial passenger aircraft to Iran.
Specifically, it would direct the Treasury secretary to report to Congress any time it authorizes any financial transaction in connection with the export or re-export of a commercial passenger aircraft to Iran. The report would have to include a certification that a given transaction did not pose a significant money laundering or terrorism financing risk to the U.S. financial system, that it did not benefit an Iranian person that supports known terrorists or transports items used for the proliferation of weapons of mass destruction, inter alia. or is subject to existing U.S. sanctions; inter alia. If the secretary cannot make such a certification, the report would have to include an explanatory statement. The president would be allowed to waive the provisions summarized above if he certifies to Congress that a waiver would be in the national interest of that the Iranian government has made “substantial progress” to combat money laundering and terrorism financing, and “significantly reduced” its “destabilizing activities in the region” or “material support for terrorist groups.”