Referred to the Committee on Foreign Affairs, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
The Iranian Sanctions Enforcement Act of 2023 creates a new Iran Sanctions Enforcement Fund within the U.S. Treasury to pay for costs related to seizing and forfeiting property from Iran and Iranian-backed groups that violate U.S. sanctions. The bill authorizes $150 million in initial funding for fiscal year 2024, which must be repaid to the Treasury by September 30, 2034, and allows the fund to continue operating by depositing proceeds from future property seizures and forfeitures. The fund can pay for investigative costs, property storage and disposal, law enforcement equipment, informant rewards, and other enforcement activities, with priority given to cases involving oil, petroleum, and other commodities that finance Iranian terrorism or harm U.S. citizens. Any surplus over $500 million at the end of each fiscal year goes toward paying down the national debt, and the bill includes penalties if agencies fail to use the fund or submit required annual reports to Congress. The legislation also codifies an existing Export Enforcement Coordination Center within the Department of Homeland Security to coordinate export control enforcement across multiple federal agencies.
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