OFAC Licenses for Private Firms to Conduct Nominal Investigative Transactions
This Act establishes a pilot program allowing private sector firms to obtain a license from the Office of Foreign Assets Control (OFAC) to conduct nominal financial transactions. The purpose is to facilitate their investigations, potentially leading to more effective detection of financial crimes and fraud. Licensed firms must submit detailed monthly reports, and the program is set to run for five years before termination and review.
Key points
OFAC must establish a 5-year pilot program to license private firms to conduct nominal financial transactions for investigative purposes.
Licensed private firms are required to submit detailed monthly reports on all activities conducted under the license.
The program coordinates with FinCEN (Financial Crimes Enforcement Network) to enhance efforts against financial crime, indirectly improving overall financial security.
Status:
Passed House
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