Rick Scott to Sign Bill Barring Florida Banks from Handling Iranian Arms Dealers' Cash

Gov. Rick Scott will be at the Jewish Federation of South Palm Beach County Zinman Hall in Boca Raton, according to his office, where he will sign a bill aimed at keeping Iranian arms dealers from laundering money through banks chartered in Florida.

The bipartisan bill, SB 792, sponsored by Senate President-designate Don Gaetz, R-Niceville, and Senate Democratic Leader Nan Rich, D-Sunrise, makes it illegal for financial institutions chartered in Florida to knowingly do business with anyone involved in the development of weapons of mass destruction by the government of Iran.

Florida is the first state to impose such action, which is similar to the groundbreaking 2007 state legislation that significantly strengthened the states divestment from companies that invested with Iran and Sudan.

Banks found violating the new law face a fine that starts at $100,000.

Scott had announced he would sign the bill on May 4.