OFAC Licensure for Investigators Act

Bill: 118-hr-6370
Sponsor: full_name: Rep. Beatty, Joyce [D-OH-3]
Introduced: 2023-11-13
Policy area: International Affairs
Subjects: Fraud offenses and financial crimes

Licensing and registrations

Public-private cooperation

U.S. and foreign investments
Latest action: action_date: 2024-01-16
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2023-11-13
action_desc: Introduced in House
text: <p><b>OFAC Licensure for Investigators Act</b></p> <p>This bill requires the Office of Foreign Assets Control (OFAC) to authorize eligible private sector firms to conduct nominal financial transactions as part of the firm's sanctions-related investigations. </p> <p>Specifically, OFAC must establish a pilot program to provide licenses allowing firms to conduct such transactions. A firm that receives a license must submit monthly reports to OFAC on activities conducted under the license. </p> <p>(OFAC, within the Department of the Treasury, is one of the primary agencies responsible for enforcing economic sanctions. OFAC requires firms to take various actions, such as ensuring that they are not engaging in transactions with entities subject to U.S. sanctions. A firm may also provide voluntary self-disclosures to OFAC with information from a firm's investigation of suspicious activities.)</p>

action_date: 2024-01-09
action_desc: Reported to House, Part I
text: <html><body><p><b>OFAC Licensure for Investigators Act</b></p> <p>This bill requires the Office of Foreign Assets Control (OFAC) to authorize eligible private sector firms to conduct nominal financial transactions as part of the firm's sanctions-related investigations. </p> <p>Specifically, OFAC must establish a pilot program to provide licenses allowing firms to conduct such transactions. A firm that receives a license must submit monthly reports to OFAC on activities conducted under the license. </p> <p>(OFAC, within the Department of the Treasury, is one of the primary agencies responsible for enforcing economic sanctions. OFAC requires firms to take various actions, such as ensuring that they are not engaging in transactions with entities subject to U.S. sanctions. A firm may also provide voluntary self-disclosures to OFAC with information from a firm's investigation of suspicious activities.)</p></body></html>

action_date: 2024-01-12
action_desc: Passed House
text: <html><body><p><b>OFAC Licensure for Investigators Act</b></p> <p>This bill requires the Office of Foreign Assets Control (OFAC) to authorize eligible private sector firms to conduct nominal financial transactions as part of the firm's sanctions-related investigations. </p> <p>Specifically, OFAC must establish a pilot program to provide licenses allowing firms to conduct such transactions. A firm that receives a license must submit monthly reports to OFAC on activities conducted under the license. </p> <p>(OFAC, within the Department of the Treasury, is one of the primary agencies responsible for enforcing economic sanctions. OFAC requires firms to take various actions, such as ensuring that they are not engaging in transactions with entities subject to U.S. sanctions. A firm may also provide voluntary self-disclosures to OFAC with information from a firm's investigation of suspicious activities.)</p></body></html>

tv_txt: 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. Short title This Act may be cited as the OFAC Licensure for Investigators Act . 2. Sending and receiving of nominal amounts (a) In general The Director of the Office of Foreign Assets Control shall, not later than 1 year after the date of the enactment of this section, establish a pilot program under which a private sector firm may receive a license to conduct nominal financial transactions in furtherance of the firm’s investigations. (b) Coordination When establishing and carrying out the pilot program required under subsection (a), the Director of the Office of Foreign Assets Control shall coordinate with the Director of the Financial Crimes Enforcement Network for the purposes of supporting activities of the Financial Crimes Enforcement Network Exchange, as described in section 310(d) of title 31 of the United States Code. (c) Reporting on activities Each private sector firm that receives a license described under subsection (a) shall submit a detailed monthly report to the Director of the Office of Foreign Assets Control on the activities of the firm conducted under such license. (d) Report to Congress (1) In general On the date that is 1 year after the date on which the pilot program is established under this section, and annually thereafter until the end of the 1-year period beginning on the date the pilot program is terminated, the Director of the Office of Foreign Assets Control shall submit a report to the Committees on Financial Services and Foreign Affairs of the House of Representatives and the Committees on Banking, Housing, and Urban Affairs and Foreign Relations of the Senate containing— (A) the number of licenses requested under the pilot program; (B) the number of licenses granted under the pilot program; and (C) a broad discussion of the utility of the pilot program. (2) Classified briefing After submission of each report required under paragraph (1), the Director of the Office of Foreign Assets Control shall provide the Committees on Financial Services and Foreign Affairs of the House of Representatives and the Committees on Banking, Housing, and Urban Affairs and Foreign Relations of the Senate with a classified briefing containing— (A) additional detail on the applicants for a license under the pilot program; (B) identification of the firms granted a license; (C) information on the operation of the pilot program, including how long each license lasted and the personnel needed to manage the pilot program; (D) information gleaned by the Office of Foreign Assets Control from running the pilot program; (E) the utility of that information; (F) any obstacles to the operation or utility of the pilot program; and (G) any recommendations for improving or extending the pilot program. (e) Termination The pilot program established by the Director of the Office of Foreign Assets Control under subsection (a) shall terminate on the date that is 5 years after the date on which the Director of the Office of Foreign Assets Control establishes such program.

Passed the House of Representatives January 12, 2024. Kevin F. McCumber, Clerk.

tv_txt: I 118th CONGRESS 2d Session H. R. 6370 IN THE HOUSE OF REPRESENTATIVES 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. Short title This Act may be cited as the OFAC Licensure for Investigators Act . 2. Sending and receiving of nominal amounts (a) In general The Director of the Office of Foreign Assets Control shall, not later than 1 year after the date of the enactment of this section, establish a pilot program under which a private sector firm may receive a license to conduct nominal financial transactions in furtherance of the firm’s investigations. (b) Coordination When establishing and carrying out the pilot program required under subsection (a), the Director of the Office of Foreign Assets Control shall coordinate with the Director of the Financial Crimes Enforcement Network for the purposes of supporting activities of the Financial Crimes Enforcement Network Exchange, as described in section 310(d) of title 31 of the United States Code. (c) Reporting on activities Each private sector firm that receives a license described under subsection (a) shall submit a detailed monthly report to the Director of the Office of Foreign Assets Control on the activities of the firm conducted under such license. (d) Report to Congress (1) In general On the date that is 1 year after the date on which the pilot program is established under this section, and annually thereafter until the end of the 1-year period beginning on the date the pilot program is terminated, the Director of the Office of Foreign Assets Control shall submit a report to the Committees on Financial Services and Foreign Affairs of the House of Representatives and the Committees on Banking, Housing, and Urban Affairs and Foreign Relations of the Senate containing— (A) the number of licenses requested under the pilot program; (B) the number of licenses granted under the pilot program; and (C) a broad discussion of the utility of the pilot program. (2) Classified briefing After submission of each report required under paragraph (1), the Director of the Office of Foreign Assets Control shall provide the Committees on Financial Services and Foreign Affairs of the House of Representatives and the Committees on Banking, Housing, and Urban Affairs and Foreign Relations of the Senate with a classified briefing containing— (A) additional detail on the applicants for a license under the pilot program; (B) identification of the firms granted a license; (C) information on the operation of the pilot program, including how long each license lasted and the personnel needed to manage the pilot program; (D) information gleaned by the Office of Foreign Assets Control from running the pilot program; (E) the utility of that information; (F) any obstacles to the operation or utility of the pilot program; and (G) any recommendations for improving or extending the pilot program. (e) Termination The pilot program established by the Director of the Office of Foreign Assets Control under subsection (a) shall terminate on the date that is 5 years after the date on which the Director of the Office of Foreign Assets Control establishes such program.

Passed the House of Representatives January 12, 2024. Cheryl L. Johnson, Clerk.

tv_txt: IB Union Calendar No. 280 118th CONGRESS 2d Session H. R. 6370 [Report No. 118–341, Part I] IN THE HOUSE OF REPRESENTATIVES November 13, 2023 Mrs. Beatty (for herself and Mr. Nunn of Iowa ) introduced the following bill; which was referred to the Committee on Financial Services , and in addition to the Committee on Foreign Affairs , for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned January 9, 2024 Reported from the Committee on Financial Services with amendments Strike out all after the enacting clause and insert the part printed in italic January 9, 2024 Committee on Foreign Affairs discharged; committed to the Committee of the Whole House on the State of the Union and ordered to be printed For text of introduced bill, see copy of bill as introduced on November 13, 2023 A BILL 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. Short title This Act may be cited as the OFAC Licensure for Investigators Act . 2. Sending and receiving of nominal amounts (a) In general The Director of the Office of Foreign Assets Control shall, not later than 1 year after the date of the enactment of this Act, establish a pilot program under which a private sector firm may receive a license to conduct nominal financial transactions in furtherance of the firm’s investigations. (b) Coordination When establishing and carrying out the pilot program required under subsection (a), the Director of the of the Office of Foreign Assets Control shall coordinate with the Director of the Financial Crimes Enforcement Network for the purposes of supporting activities of the FinCEN Exchange, as described in section 310(d) of title 31 of the United States Code. (c) Reporting on activities Each private sector firm that receives a license described under subsection (a) shall submit a detailed monthly report to the Director of the Office of Foreign Assets Control on the activities of the firm conducted under such license. (d) Termination The pilot program established by the Director of the Office of Foreign Assets Control under subsection (a) shall terminate on the date that is 5 years after the date on which the Director of the Office of Foreign Assets Control establishes such program.

Amend the title so as to read: A bill 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. .

January 9, 2024 Reported from the Committee on Financial Services with amendments January 9, 2024 Committee on Foreign Affairs discharged; committed to the Committee of the Whole House on the State of the Union and ordered to be printed

tv_txt: I 118th CONGRESS 1st Session H. R. 6370 IN THE HOUSE OF REPRESENTATIVES November 13, 2023 Mrs. Beatty (for herself and Mr. Nunn of Iowa ) introduced the following bill; which was referred to the Committee on Financial Services , and in addition to the Committee on Foreign Affairs , for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned A BILL 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. Short title This Act may be cited as the OFAC Licensure for Investigators Act . 2. Sending and receiving of nominal amounts (a) In general The Director of the Office of Foreign Assets Control shall, not later than 1 year after the date of the enactment of this section, establish a pilot program under which a private sector firm may receive a license to conduct nominal financial transactions in furtherance of the firm’s investigations. (b) Coordination When establishing and carrying out the pilot program required under subsection (a), the Director of the Office of Foreign Assets Control shall coordinate with the Director of the Financial Crimes Enforcement Network for the purposes of supporting activities of the Financial Crimes Enforcement Network Exchange, as described in section 310(d) of title 31 of the United States Code. (c) Reporting on activities Each private sector firm that receives a license described under subsection (a) shall submit a detailed monthly report to the Director of the Office of Foreign Assets Control on the activities of the firm conducted under such license. (d) Termination The pilot program established by the Director of the Office of Foreign Assets Control under subsection (a) shall terminate on the date that is 5 years after the date on which the Director of the Office of Foreign Assets Control establishes such program.