Official Summaries

OFAC Licensure for Investigators Act

This bill requires the Office of Foreign Assets Control (OFAC) to establish a pilot program to license eligible private sector firms to conduct nominal financial transactions as part of the firm's sanctions-related investigations.

A firm that receives a license must submit monthly reports to OFAC on activities conducted under the license.

(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.)

Current Full Text

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1450 Referred in Senate (RFS)]

<DOC>
119th CONGRESS
  1st Session
                                H. R. 1450


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             July 22, 2025

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.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``OFAC Licensure for Investigators 
Act''.

SEC. 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 July 21, 2025.

            Attest:

                                             KEVIN F. MCCUMBER,

                                                                 Clerk.