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Iranian Leadership Asset Transparency Act

Floor Speech

Date: Sept. 21, 2016
Location: Washington, DC
Issues: Foreign Affairs

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Mr. SMITH of New Jersey. Mr. Chair, I rise today to support H.R. 5461, the ``Iranian Leadership Transparency Act,'' introduced by my colleague Bruce Poliquin.

This bill will give the Iranian people some measure of the transparency they deserve--but have long been denied--about the corrupt financial dealings of their government. H.R. 5461 would require the Administration to produce an annual report on the financial and other assets owned by Iran's senior leaders and the highest ranks of Iran's Islamic Revolutionary Guard Corps.

The report will be published in an easily downloadable format in English, Farsi, Arabic, and Azeri to make sure the information winds up in the hands of Iranians and empowers transparency advocates.

With a corruption index ranking of 130 out of 168 countries from Transparency International and a media freedom ranking of 169 out of 180 from Reporters Without Borders, Iran is one of the most difficult climates in which to discover and report the truth about official corruption.

This United States Government report would provide unique insights for Iranian and international audiences, particularly since so much of Iran's economy is controlled by shadowy organizations, such as the Islamic Revolutionary Guard Corps. The United States Institute of Peace assesses that the IRGC is Iran's single largest economic force with major stakes in most sectors of the economy, including construction, energy, and telecommunication, among others.

To further draw back the curtain on Iran's shadowy dealings, the report would detail how the IRGC and Iranian leaders acquired these assets, how they use them, and any methods or techniques they have employed to launder them.

Mr. Chair, the report will also enable us to whether the Administration is doing everything in its power to curtail Iran's well- known money laundering practices--which serve as the conduit for much of the support Iran provides to the terrorist groups and armed proxies that threaten American and Israeli lives on a daily basis.

I urge my colleagues to support this legislation.

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