Sec. 5403. Strengthening Awareness of Sanctions
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/bill/117/hr/7900/pcs/section-5403·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 312 of title 31, United States Code, is amended by adding at the end the following: The OFAC Exchange is hereby established within OFAC. The OFAC Exchange shall facilitate a voluntary public-private information sharing partnership among law enforcement agencies, national security agencies, financial institutions, and OFAC to— effectively and efficiently administer and enforce economic and trade sanctions against targeted foreign countries and regimes, terrorists, international narcotics traffickers, those engaged in activities related to the proliferation of weapons of mass destruction, and other threats to the national security, foreign policy, or economy of the United States by promoting innovation and technical advances in reporting— under subchapter II of chapter 53 and the regulations promulgated under that subchapter; and with respect to other economic and trade sanctions requirements; protect the financial system from illicit use, including evasions of existing economic and trade sanctions programs; and facilitate two-way information exchange between OFAC and persons who are required to comply with sanctions administered and enforced by OFAC, including financial institutions, business sectors frequently affected by sanctions programs, and non-government organizations and humanitarian groups impacted by such sanctions programs.
Not later than 1 year after the date of enactment of this subsection, and once every 2 years thereafter for the next 5 years, the Secretary of the Treasury shall submit to the Committees on Banking, Housing, and Urban Affairs and Foreign Relations of the Senate and the Committees on Financial Services and Foreign Affairs of the House of Representatives a report containing— an analysis of the efforts undertaken by the OFAC Exchange, which shall include an analysis of— the results of those efforts; and the extent and effectiveness of those efforts, including the extent and effectiveness of communication between OFAC and persons who are required to comply with sanctions administered and enforced by OFAC; recommendations to improve efficiency and effectiveness of targeting, compliance, enforcement, and licensing activities undertaken by OFAC; and any legislative, administrative, or other recommendations the Secretary may have to strengthen the efforts of the OFAC Exchange.
Each report under subparagraph
(A)may include a classified annex. Information shared under this subsection shall be shared— in compliance with all other applicable Federal laws and regulations; in such a manner as to ensure the appropriate confidentiality of personal information; and at the discretion of the Director, with the appropriate Federal functional regulator, as defined in section 6003 of the Anti-Money Laundering Act of 2020. OFAC shall, as appropriate, promulgate regulations that establish procedures for the protection of information shared and exchanged between OFAC and the private sector in accordance with this section, consistent with the capacity, size, and nature of the financial institution to which the particular procedures apply. Information received by a financial institution pursuant to this section shall not be used for any purpose other than identifying and reporting on activities that may involve the financing of terrorism, proliferation financing, narcotics trafficking, or financing of sanctioned countries, regimes, or persons. Nothing in this subsection may be construed to create new information sharing authorities or requirements relating to the Bank Secrecy Act. .