On July 1, 2016, the Office of Foreign Assets Control (OFAC) published in the Federal Register an interim rule (with request for comments) to amend its regulations for the relevant sanctions programs it administers to implement the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Debt Collection Improvement Act of 1996 and the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. In particular, this rule adjusts for inflation the maximum amount of the civil monetary penalties that may be assessed under relevant OFAC regulations, including by making conforming changes to OFAC’s “Economic Sanctions Enforcement Guidelines.”
This rule is effective August 1, 2016. Comments must be received on or before August 1, 2016.
On the same date, the following departments and agencies related to international trade also published interim rules adjusting civil penalties for inflation: