22 U.S. Code § 8725 - Liability of parent companies for violations of sanctions by foreign subsidiaries
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In this section:
The term “entity” means a partnership, association, trust, joint venture, corporation, or other organization.
(2) Own or control
The term “own or control” means, with respect to an entity—
Not later than 60 days after August 10, 2012, the President shall prohibit an entity owned or controlled by a United States person and established or maintained outside the United States from knowingly engaging in any transaction directly or indirectly with the Government of Iran or any person subject to the jurisdiction of the Government of Iran that would be prohibited by an order or regulation issued pursuant to the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) if the transaction were engaged in by a United States person or in the United States.
(c) Civil penalty
The civil penalties provided for in section 206(b) of the International Emergency Economic Powers Act (50 U.S.C. 1705 (b)) shall apply to a United States person to the same extent that such penalties apply to a person that commits an unlawful act described in section 206(a) of that Act if an entity owned or controlled by the United States person and established or maintained outside the United States violates, attempts to violate, conspires to violate, or causes a violation of any order or regulation issued to implement subsection (b).
Subsection (c) shall not apply with respect to a transaction described in subsection (b) by an entity owned or controlled by a United States person and established or maintained outside the United States if the United States person divests or terminates its business with the entity not later than the date that is 180 days after August 10, 2012.
Source(Pub. L. 112–158, title II, § 218,Aug. 10, 2012, 126 Stat. 1234.)
Termination of Section
For termination of section, see section 8785(a) of this title.
References in Text
The International Emergency Economic Powers Act, referred to in subsec. (b), is title II of Pub. L. 95–223, Dec. 28, 1977, 91 Stat. 1626, which is classified generally to chapter 35 (§ 1701 et seq.) of Title 50, War and National Defense. For complete classification of this Act to the Code, see Short Title note set out under section 1701 of Title 50 and Tables.