OFAC Increases Civil Penalties for Many Sanctions Programs to $50,000 Per Violation
The Office of Foreign Assets Control (OFAC) has published a final rule in the Federal Register amending the agency's International Emergency Economic Powers Act (IEEPA) based sanctions programs by raising the maximum civil penalty for a violation, or attempted violation, of any license, order or regulation issued under IEEPA from $11,000 to $50,000 and increasing the maximum prison term for willful violations to 20 years. These regulatory changes are required by the USA PATRIOT Improvement and Reauthorization Act of 2005 (Public Law 109-177) that was signed into law on March 9, 2006.
This final rule affects the following sanctions programs administered by OFAC:
- Burmese Sanctions Regulations
- Global Terrorism Sanctions Regulations
- Highly Enriched Uranium Agreement Assets Control Regulations
- Iranian Assets Control Regulations
- Iranian Transactions Regulations
- Narcotics Trafficking Sanctions Regulations
- Sudanese Sanctions Regulations
- Syrian Sanctions Regulations
- Terrorism Sanctions Regulations
- Weapons of Mass Destruction Trade Control Regulations
- Western Balkans Stabilization Regulations
- Zimbabwe Sanctions Regulations
Labels: OFAC
|posted by Douglas N. Jacobson| Permalink 
