The Department of the Treasury’s Office of Foreign Assets Control has amended the Reporting, Procedures and Penalties Regulations, 31 CFR part 501, which establish the requirements for recordkeeping and license applications in the context of US economic sanctions administered by OFAC. The amendments modify instructions for reports on blocked or unblocked property and rejected transactions, include electronic license application procedures, provide new instructions about applications for the release of blocked funds, and explain the application of FOIA rules to information about OFAC reports and applications.
The amendments will take effect on June 21, 2019.
OFAC press release | Reporting, Procedures and Penalties Regulations