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OFAC Outreach and Engagement Capabilities Enhancement Act
12/15/2023, 3:54 PM
Summary of Bill HR 1164
The bill seeks to improve OFAC's ability to communicate with stakeholders, including businesses, financial institutions, and other government agencies, about sanctions programs and compliance requirements. This includes enhancing OFAC's website and other digital communication tools, as well as increasing the frequency and quality of outreach events and training sessions.
Additionally, the bill calls for the establishment of a dedicated OFAC liaison office within the Department of the Treasury to coordinate outreach efforts and ensure consistent messaging. This office would also be responsible for developing and implementing a strategic plan for enhancing OFAC's outreach and engagement capabilities. Overall, the goal of the OFAC Outreach and Engagement Capabilities Enhancement Act is to improve transparency, communication, and compliance with US sanctions programs, ultimately strengthening national security and foreign policy objectives.
Congressional Summary of HR 1164
OFAC Outreach and Engagement Capabilities Enhancement Act
This bill addresses the outreach activities of the Office of Foreign Assets Control (OFAC), including by requiring the Government Accountability Office (GAO) to assess such outreach activities. (OFAC, within the Department of the Treasury, is one of the agencies that administers and enforces economic and trade sanctions.)
Specifically, GAO must conduct a study examining various aspects of OFAC’s outreach activities, including (1) the goal and strategy of such activities; and (2) how, if at all, the activities help with sanctions enforcement.
After reviewing the GAO study, OFAC must assess the feasibility of a voluntary public-private information sharing program to support efforts to administer and enforce economic sanctions.
After reviewing the GAO study and OFAC feasibility assessment, Treasury may direct OFAC to establish a pilot program to facilitate such voluntary public-private information sharing.
