13 Jul 2024

Russia-related Designations and Designations Updates; Cyber-related Designation Update; Implementation of the Federal Civil Penalties Inflation Adjustment Act

The Department of the Treasury’s Office of Foreign Assets Control (OFAC) is amending its regulations to implement for 2024 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 12, 2024. Additionally, OFAC has updated its Specially Designated Nationals and Blocked Persons List. Please visit the URL below to view this actionThe Department of the Treasury’s Office of Foreign Assets Control (OFAC) is amending its regulations to implement for 2024 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 12, 2024. Additionally, OFAC has updated its Specially Designated Nationals and Blocked Persons List. Please visit the URL below to view this action¬†Read More