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![handle is hein.congrecreports/crptxafyb0001 and id is 1 raw text is: AUTHENTICATED
U.S. GOVERNMENT
INFORMATION
GP
118TH CONGRESS [REPT. 118-341
2d Session HOUSE OF REPRESENTATIVES Part 1
OFAC LICENSURE FOR INVESTIGATORS ACT
JANUARY 9, 2024.-Committed to the Committee of the Whole House on the State
of the Union and ordered to be printed
Mr. MCHENRY, from the Committee on Financial Services,
submitted the following
R E P O R T
[To accompany H.R. 6370]
The Committee on Financial Services, to whom was referred the
bill (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, having considered
the same, reports favorably thereon with amendments and rec-
ommends that the bill as amended do pass.
The amendments are as follows:
Strike all after the enacting clause and insert the following:
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 Act, establish a pilot pro-
gram 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 re-
quired under subsection (a), the Director of the of the Office of Foreign Assets Con-
trol shall coordinate with the Director of the Financial Crimes Enforcement Net-
work for the purposes of supporting activities of the FinCEN 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 de-
scribed 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.
Amend the title so as to read:
49-006](ViewImageLocal?handle=hein.congrecreports/crptxafyb0001&div=1&collection=&method=preview&ext=.png&size=3)