OFAC Adjusts Penalties for Inflation
The Office of Foreign Assets Control is adjusting its civil monetary penalties for inflation, the agency said in a notice released Feb. 8. The new amounts include higher maximum penalties for violations of the Trading With the Enemy Act, the…
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International Emergency Economic Powers Act, the Antiterrorism and Effective Death Penalty Act, the Foreign Narcotics Kingpin Designation Act and the Clean Diamond Trade Act. The agency also updated two references to “one-half the IEEPA maximum CMP from $155,781 to $165,474” and adjusted the recordkeeping CMP amounts in OFAC’s Economic Sanctions Enforcement Guidelines. The changes take effect Feb. 9.