July 5, 2022

US Treasury Department issues reminder to file blocked property report

On July 1, 2022, the US Department of the Treasury issued a reminder for persons who hold blocked property as of June 30, 2022 to file a 2022 Annual Report of Blocked Property (ARBP). Timely filing of a ARBP, which is required pursuant to 31 CFR § 501.603 of the Reporting, Procedures and Penalties Regulations (RPPR), will enable the Office of Foreign Assets Control to have a comprehensive list of all blocked property of the currently year by September 30.  Failure to submit a required ARBP by September 30 constitutes a violation of the RPPR.

The requirement to file an ARBP only applies to persons who hold property blocked pursuant to OFAC regulations as of June 30.  If the property is unblocked by an OFAC general or specific license or if the property was blocked pursuant to a program that was terminated on or before June 30, 2022, it is not considered to be blocked for ARBP purposes and should not be reported.  In addition, a restricted account of a person ordinarily resident in Iran is not considered to be blocked unless the account belongs to a person whose property and interests in property are blocked pursuant to OFAC sanctions.

The Treasury Department requests that completed 2022 ARBP forms be filed through the OFAC reporting System (ORS) or sent to OFACreport@treasury.gov.

Department of Treasury Recent Action | 31 CFR  § 501.603