Iran-Iraq Arms Non-Proliferation Act of 1992

[AI summary unavailable — showing source text] Iran-Iraq Arms Non-Proliferation Act of 1992 - Declares that it is U.S. policy to oppose any transfer of goods or technology to Iraq or Iran whenever there is reason to believe that such transfer could contribute to that country's acquisition of chemical, biological, nuclear, or advanced conventional weapons. Provides that specified sanctions against Iraq under the Iraq Sanctions Act of 1990 shall apply to Iran in the same manner. Prohibits, for a period of two years, U.S. procurement of goods from, and approval of export licenses for, any person who transfers goods or technology so as to materially contribute to efforts by Iran or Iraq to acquire weapons described by this Act. Applies sanctions to successor entities and to parents, subsidiaries, or affiliates controlled by the sanctioned person if they assisted in the prohibited transfer. Authorizes the President, for any period of time, to prohibit the importation of articles from such persons. Imposes the following mandatory sanctions (for one year) on foreign countries that transfer goods or technology (including goods or technology knowingly transferred from the country's territory) so as to materially contribute to such effor…