Everything needs a regulation…

Even adjusting the civil monetary penalties statutory maxima…. today, OFAC issued regulations to implement the Federal Civil Penalties Inflation Adjustment Act of 1990 (FCPIAA). A note as part of the Economic Sanctions Enforcement Guidelines (my favorite part of the Federal Register) sums it up best:

 

As of January 15, 2017, the applicable statutory maximum civil penalty per violation for each statute enforced by OFAC is as follows: International Emergency Economic Powers Act (IEEPA) greater of $289,238 or twice the amount of the underlying transaction; Trading with the Enemy Act (TWEA) $85,236; Foreign Narcotics Kingpin Designation Act (FNKDA) $1,437,153; Antiterrorism and Effective Death Penalty Act of 1996 (AEDPA) greater of $76,351 or twice the amount of which a financial institution was required to retain possession or control; and Clean Diamond Trade Act (CDTA) $13,066. The civil penalty amounts authorized under these statutes are subject to adjustment pursuant to the Federal Civil Penalties Inflation Adjustment Act of 1990 (Pub. L. 101-410, as amended, 28 U.S.C. 2461 note). 

Links:

OFAC Notice

OFAC FCPIAA regulation

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