[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6370 Introduced in House (IH)]

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118th CONGRESS
  1st Session
                                H. R. 6370

 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.


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                    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

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                                 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.

    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) 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.
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