H.R. 1450: OFAC Licensure for Investigators Act

This bill, known as the OFAC Licensure for Investigators Act, aims to create a program that allows private sector firms to operate under a license for conducting small financial transactions related to their investigative work. Here's a breakdown of what the bill would do:

Establishment of a Pilot Program

The Director of the Office of Foreign Assets Control (OFAC) is required to establish a pilot program within one year of the bill's enactment. This program will enable private sector firms to obtain a license to perform nominal financial transactions that are necessary for their investigations.

Coordination with Other Agencies

In setting up and managing this pilot program, the Director of OFAC must coordinate efforts with the Financial Crimes Enforcement Network (FinCEN). This collaboration is intended to support the activities of the Financial Crimes Enforcement Network Exchange.

Reporting Requirements

Firms that receive a license under this bill will be required to provide a detailed monthly report to OFAC. These reports must include information about the activities carried out under the license.

Reporting to Congress

• The Director of OFAC must submit an annual report to several Congressional committees one year after the program is established, and then annually until the program ends. The report should include:
• The number of licenses requested
• The number of licenses granted
• A broad evaluation of how useful the pilot program has been

Classified Briefings

After submitting these reports, the Director will also need to provide classified briefings to Congressional committees that will offer more detailed information about license applicants, firms that received licenses, and insights gained from the pilot program.

Program Duration

The pilot program will remain in effect for a period of five years, after which it will be terminated unless extended or modified based on findings from the program's operation.

Relevant Companies

• None found