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House Passes Bipartisan Beatty Bill Bolstering Financial Intelligence in Sanction Probes

January 12, 2024

Washington, DCToday, the House unanimously passed H.R. 6370, the Office of Foreign Assets Control (OFAC) Licensure for Investigators Act, a bipartisan initiative led by Congresswoman Joyce Beatty (OH-03) and Congressman Zach Nunn (IA-03). This legislation would strengthen our national security by improving OFAC’s investigative capabilities against sanctioned individuals.  

Specifically, the bill requires the Secretary of the Treasury to establish a special, licensing pilot program within the Office of Terrorism and Financial Intelligence (TFI) that would grant private sector firms a temporary specific license to conduct nominal financial transactions with sanctioned entities to collect data and intelligence. This narrowly tailored program would greatly assist law enforcement investigations, consumers, and the financial industry as a whole.

I look forward to the Senate advancing this commonsense and proactive effort to promote financial intelligence-gathering, hold bad actors accountable, and advance our national security goals,” Beatty said after the House vote.Mobilizing the resources of private sector firms will enable us to work collaboratively to keep our financial system secure.”

“As new technology is developed, terrorists are doing more and more to evade sanctions and mask their funding sources,” said Nunn. “This bipartisan legislation is a commonsense approach to ensure that the United States can identify and prevent funding for future attacks.”

H.R. 6370 now advances to the Senate for further consideration.

For inquiries, please contact Todd Valentine at Todd.Valentine@mail.house.gov 

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