June 20, 2019: OFAC amends the RPPR

Amendment of the Reporting, Procedures and Penalties Regulations (RPPR)

The Department of the Treasury’s Office of Foreign Assets Control (OFAC) is amending the Reporting, Procedures and Penalties Regulations, 31 CFR part 501 (RPPR).  The RPPR sets forth standard reporting and recordkeeping requirements and license application and other procedures relevant to the economic sanctions programs administered by OFAC.  
  
This rule provides updated instructions and incorporates new requirements for parties filing reports on blocked property, unblocked property, or rejected transactions; revises the licensing procedures section to include information regarding OFAC’s electronic license application procedures, and to provide additional instructions regarding applications for the release of blocked funds; and clarifies the rules governing the availability of information under federal law, including the Freedom of Information Act (FOIA), for information that is submitted to OFAC in connection with blocking or unblocking reports, reports on rejected transactions, or license applications.

 

This regulatory amendment is currently available for public inspection with the Federal Register and will take effect upon publication in the Federal Register on Friday, June 21, 2019.

Links:

OFAC Notice

Reporting, Procedures and Penalties Regulations

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