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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.
article Official text account_balance Process page
Passed House
Citizen Poll
No votes cast
Additional Information
Print number: 119_HR_1450
Sponsor: Rep. Beatty, Joyce [D-OH-3]
Process start date: 2025-02-21
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Summarized by: gemini-flash-latest
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

OFAC Licensure for Investigators Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_HR_1450.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2025-02-21.

What are the main provisions?

Key points include:

  • 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.
What is the specific legal status?

The current status is Passed House.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Beatty, Joyce [D-OH-3].

What is the latest detailed status?

The latest detailed status is: On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H3517)

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-23.

CATEGORIES

Security Economy Courts and Law