OFAC Raises Max Civil Penalties for Certain Sanctions, Record-Keeping Violations
The Office of Foreign Assets Control is amending the maximum civil penalty amount for certain sanctions violations to reflect inflation adjustments for its civil monetary penalties, it said in a notice. The changes, effective March 17, increase the maximum penalties…
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for violating the Trading With the Enemy Act, the International Emergency Economic Powers Act, the Antiterrorism and Effective Death Penalty Act of 1996, the Foreign Narcotics Kingpin Designation Act and the Clean Diamond Trade Act. OFAC also increased the maximum civil penalties for certain record-keeping violations and made several technical changes to “consolidate or shorten” certain citations in OFAC’s regulations.