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OFAC comes to an understanding with Delaware… and hikes its prices…

Memorandum of Understanding between OFAC and the State of Delaware Department of Justice; Inflation Adjustment of Civil Monetary Penalties Related to Reporting and Recordkeeping

Release date
09/02/2020
Body

Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) and the State of Delaware announced a Memorandum of Understanding setting forth information sharing procedures between OFAC and the State of Delaware Department of Justice.

Also, OFAC is amending its regulations to adjust for inflation its civil monetary penalties for failure to comply with certain recordkeeping and reporting requirements, which are contained in OFAC’s Economic Sanctions Enforcement Guidelines in OFAC’s Reporting, Procedures and Penalties Regulations, 31 C.F.R. 501 appendix A. This regulatory amendment is currently available for public inspection with the Federal Register and will take effect on October 5, 2020.

Link:

OFAC Notice

Categories: Civil Monetary Penalties Enforcement Actions Enforcement Guidelines

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