According to Levy, the main targets are dozens of Iran's largest companies who are controlled by elite members of the Revolutionary Guard corps.
These front companies have been studied carefully and identified by intelligence sources, and now the US and their allies have a clear picture of what personal investments were placed in which company.
The under secretary met with officials of foreign companies who have ties with Iran and told them that "if they're dealing with Iran it's nearly impossible to protect themselves from being entangled in that country's illicit conduct."
Corrupt members of the Revolutionary Guard became wealthy investors, especially in neighboring countries such as Dubai, which is the center of Iranian financial activity via front companies.
"What will cause the Guards their demise is their corruption," an Iranian intelligence official told Newsweek on condition that his name not be used.
"For the past 20 years, they've been allowed by the Supreme Leader and consecutive governments to make money in a shadowy world, "said the source.
Most of the Iranian investments in Dubai, estimated at billions of dollars, are under the control of the Revolutionary Guards. Dubai's recent financial entanglement is expected to harm Iran, especially since neighboring Abu Dhabi, which is not as friendly with Iran, is the one expected to bail Dubai out of the financial mess.
The floor of the House is expected to vote on a legislation that will forbid international companies to be involved or aid with transferring sensitive technologies or refined oil to Iran. Companies that will engage in such activities will be forbidden from conducting business with the United States or with American companies.
The pressure seems to already be working: Indian company "Reliance" has announced it will cut its direct and indirect business ties with Iran, following pressure from the American Congress.