Official Summary

11/22/2011--Introduced.Amends the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 to direct the President to: (1) prohibit the opening or maintaining in the United States of a correspondent or payable-through account by a foreign financial institution that has know

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Official Summary

11/22/2011--Introduced.Amends the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 to direct the President to:
(1) prohibit the opening or maintaining in the United States of a correspondent or payable-through account by a foreign financial institution that has knowingly conducted any financial transaction with the Central Bank of Iran; and
(2) freeze and prohibit all property and property interest transactions of such institution if the property and property interests are in the United States, come within the United States, or come within the possession or control of a U.S. person. Prohibits such sanctions' imposition if the transaction was for the sale of food, medicine, or medical devices to Iran. Applies such provisions to:
(1) financial transactions begun on or after the date of the enactment of this Act, and
(2) financial transactions for petroleum or petroleum product purchases through the Bank begun 180 days or more after the date of the enactment of this Act. Authorizes the President to waive such sanctions for reasons of national security.

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