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OFAC Actions: Ethiopia Sanctions Regulations published, penalties indexed for inflation under FCPIAA

Issuance of Ethiopia Sanctions Regulations; Implementation of the Federal Civil Penalties Inflation Adjustment Act

Release date 02/08/2022

The Department of the Treasury’s Office of Foreign Assets Control (OFAC) is issuing the Ethiopia Sanctions Regulations to implement Executive Order 14046 of September 17, 2021, “Imposing Sanctions on Certain Persons with Respect to the Humanitarian and Human Rights Crisis in Ethiopia.”  These regulations are currently available for public inspection with the Federal Register and will take effect upon publication in the Federal Register on February 9, 2022.  OFAC intends to supplement these regulations with a more comprehensive set of regulations, which may include additional interpretive guidance and definitions, general licenses, and other regulatory provisions.  

OFAC is amending its regulations to implement for 2022 the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. This regulatory amendment adjusts for inflation the maximum amount of the civil monetary penalties that may be assessed under relevant OFAC regulations. This regulatory amendment is currently available for public inspection with the Federal Register and will take effect upon publication in the Federal Register on February 9, 2022.

So, here are the CMP changes, not counting recordkeeping penalties:

  • Trading with the Enemy Act (TWEA) sanctions (used for Cuba program only): from $91,816 to $97,529
  • International Emergency Economic Powers Act (IEEPA) sanctions: from $311,562 to $330,947 (and the reference to 1/2 the maximum CMP is similarly being updated to $165,474)
  • Antiterrorism and Effective Death Penalty Act (AEDPA) sanctions: from $82,244 to $87,361
  • Foreign Narcotics Kingpin Designation Act (FNKDA) sanctions: from $1,548,075 to $1,644,396
  • Clean Diamond Trade Act (CDTA) sanctions: from $14,074 to $14.,950

There is a separate table for the recordkeeping CMPs.

Links:

OFAC Notice

Ethiopia Sanctions Regulations

Inflation Adjustment of Civil Monetary Penalties

Categories: Civil Monetary Penalties Ethiopia Sanctions Federal Civil Penalties Inflation Adjustment Act OFAC Updates

eric9to5

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