Preventing Iran's Access to United States Dollars Act of 2016

Preventing Iran's Access to United States Dollars Act of 2016 This bill prohibits the President from issuing a license that permits a person to: conduct an offshore U.S. dollar clearing system for transactions involving the government of Iran or an Iranian person, or provide U.S. dollars for any offshore U.S. dollar clearing system conducted by a foreign government or a foreign financial institution for transactions involving the government of Iran or an Iranian person. The Department of the Treasury shall report to Congress: a list of financial institutions operating or participating in an offshore U.S. dollar clearing system that conducts transactions involving the government of Iran or an Iranian person, and an assessment of Treasury efforts to prevent such transactions. The President shall block and prohibit all transactions in property and property interests of any listed institution if the property and interests: (1) are in the United States, (2) come within the United States, or (3) are or come within the possession or control of a U.S. person. The President may impose additional sanctions pursuant to the International Emergency Economic Powers Act. The National Defense Authorization Act for Fiscal Year 2012 is amended to subject to sanctions: (1) u-turn transactions (fund transfers from a foreign bank that pass through a U.S. financial institution and are then transferred to a second foreign bank), and (2) book transfers (fund transfers for the benefit of an Iranian financial institution made between accounts of the same financial institution).