; (B) protect the financial system from illicit use, including evasions of existing economic sanctions programs; and (C) 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. (2) Information sharing (A) In general Any information shared by a private sector entity as a part of any program established under paragraph (1) shall be shared— (i) in compliance with all other applicable Federal laws and regulations; and (ii) in such a manner as to ensure the appropriate confidentiality of personal information. (B) Use of information Information received by OFAC from a private sector entity as a part of any program established under paragraph (1) may not be used for any purpose other than identifying and reporting on activities that may involve the compliance with United States sanctions requirements. (C) Rule of construction Nothing in this subsection may be construed to create new information sharing authorities or requirements relating to sanctions laws. (3) Report If a program is established under paragraph (1), OFAC shall, annual submit a report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate that describes the activities of such program. (e) Definitions In this Act: (1) OFAC The term OFAC means the Office of Foreign Assets Control. (2) Private sector The term private sector entity means a business, a nonprofit organization, a nongovernmental organization, a legal and or advisory firm that supports such a business or organization, and a technology provider that supports such a business or organization.