On January 11, 2024, the US Department of the Treasury’s Office of Foreign Assets Control announced amendments to the Federal Civil Penalties Inflation Adjustment Act of 1990 to adjust for inflation the maximum amount of civil monetary penalties (“CMPs”) that may be assessed under certain OFAC regulations. The adjustments affect the CMPs of the following statutes: the Trading With the Enemy Act (“TWEA”); the International Emergency Economic Powers Act (“IEEPA”); the Antiterrorism and Effective Death Penalty Act of 1996; (“AEDPA”); the Foreign Narcotics Kingpin Designation Act (“FNKDA”); and the Clean Diamond Trade Act (“CDTA”). The amendment takes effect on January 12, 2024 when the final rule is published in the Federal Register.
January 12, 2024
OFAC adjusts for inflation certain civil monetary penalties
Related by Topic
New Post
OFAC issues new basic information FAQ and amends two Cuba-related FAQs
August 28, 2024
News Alert
New Post
U.S. designates nearly 400 individuals and entities in honor of Ukraine’s Independence Day
August 26, 2024
News Alert
New Post
OFAC issues Burma-related general license and updates language in Burma, Sudan, and Ukraine/Russia-related sanctions regulations
August 22, 2024
News Alert