US Codex
Bill
Notes

H.R. 6370 — what changed

OFAC Licensure for Investigators Act

From Reported in House to Engrossed in House. 1 section amended between Reported in House and Engrossed in House.

Sec. 2 Sending and receiving of nominal amounts

(a)
changed 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, 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)
changed 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 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)
added Report to Congress—
(1)
added 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)
added the number of licenses requested under the pilot program;
(B)
added the number of licenses granted under the pilot program; and
(C)
added a broad discussion of the utility of the pilot program.
(2)
added 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)
added additional detail on the applicants for a license under the pilot program;
(B)
added identification of the firms granted a license;
(C)
added information on the operation of the pilot program, including how long each license lasted and the personnel needed to manage the pilot program;
(D)
added information gleaned by the Office of Foreign Assets Control from running the pilot program;
(E)
added the utility of that information;
(F)
added any obstacles to the operation or utility of the pilot program; and
(G)
added any recommendations for improving or extending the pilot program.
(e)
renumbered was (5) 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.