OFAC Licensure for Investigators Act

Bill 119 HR 1450, also known as the "Private Sector Financial Transactions for Investigations Act," aims to require the Office of Foreign Assets Control (OFAC) to establish a program that allows private sector companies to obtain a license to conduct small financial transactions as part of their investigations. This bill is designed to streamline the process for private firms to gather necessary financial information in order to investigate potential violations of sanctions or other financial crimes.

The program outlined in the bill would enable private sector firms to apply for a license from OFAC to conduct nominal financial transactions that are essential to their investigations. This would provide these firms with the necessary tools to effectively gather information and evidence related to potential violations of sanctions or other financial crimes.

The bill also includes provisions for the protection of sensitive information obtained through these transactions, ensuring that the privacy and security of individuals and entities involved in the investigations are safeguarded. Overall, Bill 119 HR 1450 seeks to enhance the capabilities of private sector firms to investigate and address potential violations of sanctions and other financial crimes by providing them with a streamlined process to conduct necessary financial transactions.