IIB 

118TH CONGRESS 

2D SESSION H. R. 6370 

IN THE SENATE OF THE UNITED STATES 

JANUARY 16, 2024 

Received; read twice and referred to the Committee on Banking, Housing, and 

Urban Affairs 

AN ACT 

To require the Office of Foreign Assets Control to develop 

a program under which private sector firms may receive 

a license to conduct nominal financial transactions in 

furtherance of the firms’ investigations, and for other 

purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 


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1 SECTION 1. SHORT TITLE. 

2 This Act may be cited as the ‘‘OFAC Licensure for 

3 Investigators Act’’. 

4 SEC. 2. SENDING AND RECEIVING OF NOMINAL AMOUNTS. 

5 (a) IN GENERAL.—The Director of the Office of For6 eign Assets Control shall, not later than 1 year after the 

7 date of the enactment of this section, establish a pilot pro8 gram under which a private sector firm may receive a li9 cense to conduct nominal financial transactions in further10 ance of the firm’s investigations. 

11 (b) COORDINATION.—When establishing and carrying 

12 out the pilot program required under subsection (a), the 

13 Director of the Office of Foreign Assets Control shall co14 ordinate with the Director of the Financial Crimes En15 forcement Network for the purposes of supporting activi16 ties of the Financial Crimes Enforcement Network Ex17 change, as described in section 310(d) of title 31 of the 

18 United States Code. 

19 (c) REPORTING ON ACTIVITIES.—Each private sector 

20 firm that receives a license described under subsection (a) 

21 shall submit a detailed monthly report to the Director of 

22 the Office of Foreign Assets Control on the activities of 

23 the firm conducted under such license. 

24 (d) REPORT TO CONGRESS.— 

25 (1) IN GENERAL.—On the date that is 1 year 

26 after the date on which the pilot program is estabVerDate Sep 11 2014 00:46 Jan 17, 2024 Jkt 049200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H6370.RFS H6370

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1 lished under this section, and annually thereafter 

2 until the end of the 1-year period beginning on the 

3 date the pilot program is terminated, the Director of 

4 the Office of Foreign Assets Control shall submit a 

5 report to the Committees on Financial Services and 

6 Foreign Affairs of the House of Representatives and 

7 the Committees on Banking, Housing, and Urban 

8 Affairs and Foreign Relations of the Senate con9 taining— 

10 (A) the number of licenses requested under 

11 the pilot program; 

12 (B) the number of licenses granted under 

13 the pilot program; and 

14 (C) a broad discussion of the utility of the 

15 pilot program. 

16 (2) CLASSIFIED BRIEFING.—After submission 

17 of each report required under paragraph (1), the Di18 rector of the Office of Foreign Assets Control shall 

19 provide the Committees on Financial Services and 

20 Foreign Affairs of the House of Representatives and 

21 the Committees on Banking, Housing, and Urban 

22 Affairs and Foreign Relations of the Senate with a 

23 classified briefing containing— 

24 (A) additional detail on the applicants for 

25 a license under the pilot program; 


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1 (B) identification of the firms granted a li2 cense; 

3 (C) information on the operation of the 

4 pilot program, including how long each license 

5 lasted and the personnel needed to manage the 

6 pilot program; 

7 (D) information gleaned by the Office of 

8 Foreign Assets Control from running the pilot 

9 program; 

10 (E) the utility of that information; 

11 (F) any obstacles to the operation or util12 ity of the pilot program; and 

13 (G) any recommendations for improving or 

14 extending the pilot program. 

15 (e) TERMINATION.—The pilot program established by 

16 the Director of the Office of Foreign Assets Control under 

17 subsection (a) shall terminate on the date that is 5 years 

18 after the date on which the Director of the Office of For19 eign Assets Control establishes such program. 

Passed the House of Representatives January 12, 

2024. 

Attest: KEVIN F. MCCUMBER, 

Clerk. 


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