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Remember inflation? OFAC does

Implementation of the Federal Civil Penalties Inflation Adjustment Act

01/12/2023

The Department of the Treasury’s Office of Foreign Assets Control (OFAC) is amending its regulations to implement for 2023 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 Friday, January 13, 2023.

OFAC Notice

Links:

OFAC Notice

Final Rule

Categories: Federal Civil Penalties Inflation Adjustment Act Guidance OFAC Updates

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