House Passes Bill to Enhance OFAC’s Ability to Probe Sanctioned Entities
The House approved by voice vote late July 21 a bill aimed at improving the investigative capabilities of the Office of Foreign Assets Control.
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The OFAC Licensure for Investigators Act would create a pilot program to allow private-sector firms to conduct nominal financial transactions with sanctioned entities. The transactions would allow investigators to see where the money goes (see 2503070005).
Introduced by Reps. Joyce Beatty, D-Ohio, and Zach Nunn, R-Iowa, the bill now heads to the Senate for its consideration. The legislation received House approval in the last Congress but did not advance in the Senate (see 2401120053).