On 1 July 2016, OFAC issued an “interim final rule” increasing the maximum penalties for breach of US sanctions for inflation, with effect from 1 August 2016. The increases are:
-from $65,000 to $83,864 for the Cuba sanctions regime;
– from $1,075,000 to $1,414,020 under the Foreign Narcotics Kingpin Designation Act;
– from $250,000 to $284,582 for violations of the International Emergency Economic Powers Act (most other regimes).
OFAC increased the maximum civil penalty from $50,000 to $75,122 for breach of the requirement that financial institutions freeze funds of foreign terrorist organisations, and from $10,000 to $12,856 for violating the law implementing the Kimberley process for rough diamonds. Details are on the Federal Register here.