Ofac Licensure for Investigators Act

Floor Speech

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Mr. NUNN of Iowa. Mr. Speaker, I rise in strong support of the bipartisan OFAC Licensure for Investigators Act, which I am proud to co-lead with my friend on the other side of the aisle, the Representative from Ohio (Mrs. Beatty).

Terrorist networks like Iran's Islamic Revolutionary Guard Corps, the Russian Mafia, and North Korean cybercriminals are no longer relying solely on traditional cash couriers or shell companies. They now exploit financial platforms, adopting increasingly sophisticated approaches to fund acts of terrorism.

These organizations adapt quickly, using every loophole in the global financial system to mask the origin and the destination of their funds.

Fortunately, the United States is home to some of the world's most advanced financial technology firms and data analytics companies.

Just this spring, the FBI, working hand in hand with blockchain forensics firms, seized $1.5 billion in stolen digital assets from the North Korea-affiliated Lazarus Group. That is why I am so proud to be able to work together on legislation which establishes a pilot program within the Department of the Treasury to enable private-sector firms to collaborate with Treasury to enhance our investigative leads. These teams, working together, fusing the best information, help provide a vital tool in combating the evolving threats posed by terrorism.

I thank Representative Beatty and the House Financial Services Committee for their leadership.

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