Menu Home

Just a technical matter: OFAC fiddles with definitions…

 Amendment of the definition of the term “Applicable Schedule Amount” within the Economic Sanctions Enforcement Guidelines 8/10/2020 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 […]

February 20, 2020: OFAC adds new FAQs about the RPPR

Issuance of Reporting, Procedures and Penalties Regulations (RPPR)-related Frequently Asked Questions 2/20/2020 Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) is publishing two new Reporting, Procedures and Penalties Regulations (RPPR)-related Frequently Asked Questions (FAQs). These FAQs are related to the 06/21/2019 Amendment to the RPPR.  Here are the new FAQs: 819. […]

July 1, 2019: File your paperwork!

Reminder for the Annual Report of Blocked Property 7/1/2019 31 C.F.R. § 501.603 requires holders of blocked property to provide the Office of Foreign Assets Control (OFAC) with a comprehensive list of all blocked property held as of June 30 of the current year by September 30.  Persons that do not […]

June 20, 2019: OFAC amends the RPPR

Amendment of the Reporting, Procedures and Penalties Regulations (RPPR) 6/20/2019 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 […]

OFAC: Remember your Blocked Property Reports!

Reminder to submit the Annual Report of Blocked Property 9/22/2017 On June 30, 2017, OFAC issued a notice reminding financial institutions holding property blocked pursuant to OFAC sanctions regulations published in Chapter V of Title 31 of the Code of Federal Regulations of the requirement, as outlined in 31 C.F.R. § 501.603, to provide […]

Everything needs a regulation…

Even adjusting the civil monetary penalties statutory maxima…. today, OFAC issued regulations to implement the Federal Civil Penalties Inflation Adjustment Act of 1990 (FCPIAA). A note as part of the Economic Sanctions Enforcement Guidelines (my favorite part of the Federal Register) sums it up best:   As of January 15, […]