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Just a technical matter: OFAC fiddles with definitions…

 Amendment of the definition of the term “Applicable Schedule Amount” within the Economic Sanctions Enforcement Guidelines

The Department of the Treasury’s Office of Foreign Assets Control (OFAC) is amending the definition of “applicable schedule amount” contained in appendix A to 31 CFR part 501.  This technical amendment is currently available for public inspection with the Federal Register and will take effect upon publication in the Federal Register on August 11, 2020. 

And what is this? It’s the update of the Reporting, Procedures and Penalties Regulations to update the inflation-adjusted figures:

PART 501— REPORTING, PROCEDURES AND PENALTIES REGULATIONS
1. The authority citation for part 501 is revised to read as follows:
Authority: 8 U.S.C. 1189; 18 U.S.C. 2332d, 2339B; 19 U.S.C. 3901–3913;
21 U.S.C. 1901–1908; 22 U.S.C. 287c; 22 U.S.C. 2370(a), 6009, 6032, 7205;
28 U.S.C. 2461 note; 31 U.S.C. 321(b); 50 U.S.C. 1701–1706; 50 U.S.C. 4301–4341; 22 U.S.C. 8501–8551.
Appendix A to Part 501 [Amended]
2. Amend appendix A to part 501 as follows:
a. In section I.B.6., remove “$170,000” in both places it appears and add in its place “$200,000” in both places.
b. In section I.B.7., remove “$250,000” and add in its place “$307,922”, and remove “$170,000” and add in its place “$200,000”.

Links:

OFAC Notice

Federal Register Notice

Categories: OFAC Updates Reporting, Procedures and Penalties Regulations

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