January 12, 2024

OFAC adjusts for inflation certain civil monetary penalties

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.

US Department of Treasury Recent Action | Federal Register