OFAC increased penalties take effect

ofacOn 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.

This entry was posted in Latest EU Measures, USA by Maya Lester QC. Bookmark the permalink.

About Maya Lester QC

Maya Lester QC has a wide ranging practice in public law, European law, competition law, international law, human rights & civil liberties. She has a particular expertise in sanctions. As the most recent (2016) Chambers & Partners directory put it, she "owns the world of sanctions". She spent 2011-12 in New York at Columbia Law School lecturing and writing on sanctions. She represents and advises hundreds of companies and individuals before the European and English courts and has acted in most of the leading cases, including Kadi, Tay Za, Central Bank of Iran, NITC and IRISL.

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