On October 7, 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control issued a final rule to amend the Reporting, Procedures and Penalties Regulations (“RPPR”), 31 CFR part 501, which establishes reporting and recordkeeping requirements, license application procedures and others related to economic sanctions programs administered by OFAC. The final rule contains OFAC’s responses to public comments on the interim rule issued in May 2024 and amends the RPPR to include three exceptions to the reporting requirements concerning blocked property that is unblocked or transferred. The final rule goes into effect on November 7, 2024.
OFAC also issued FAQ 1196 to provide additional guidance to companies that need to unblock property that was blocked and reported to OFAC in error due to mistaken identity or typographical or similar errors.
OFAC Recent Action | Federal Register – RPPR Final Rule | FAQ 1196