OFAC amends definition of applicable schedule amount

The Department of the Treasury’s Office of Foreign Assets Control issued a final rule to make a technical amendment to the definition of “applicable schedule amount” contained in the “Economic Sanction Enforcement Guidelines” as appendix A to the Reporting Procedures and Penalties Regulations at 31 CFR part 51.  The rule is effective upon publication in the Federal Register on April 12, 2021.  While there is no statutory requirement for the adjustment of the applicable schedule amount, OFAC announced on April 9, 2021 that the definition would change to ensure that applicable schedule amount values continue to correspond with OFAC civil monetary penalties (CMPs) that must be adjusted under the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Federal Civil penalties Inflation Adjustment Improvements Act of 2015 (FCPIA Act).  OFAC recently decided on March 16, 2021 to increase CMPs to adjust for inflation in accordance with the FCPIA Act.

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