September 12, 08

NEWS / Economic Sanctions Enforcement Guidelines

The Office of Foreign Assets Control (OFAC) has issued and posted on its Web site new Economic Sanctions Enforcement Guidelines PDF icon , as enforcement guidance for persons subject to the requirements of U.S. sanctions statutes, Executive orders and regulations. The Guidelines are effective immediately and have been published as an interim final rule with a request for comments, which are due November 7, 2008. The Guidelines supersede the Enforcement Procedures for Banking Institutions set forth in the interim final rule of January 12, 2006, which has been withdrawn, as well as the proposed guidelines set forth in the proposed rule of January 29, 2003, which has also been withdrawn, with the exception of the Cuba Penalty Schedule. (Those withdrawn enforcement procedures and guidelines continue to apply to the categories of cases set forth in OFAC’s November 27, 2007 Civil Penalties – Interim Policy.) The new Economic Sanctions Enforcement Guidelines will be published as an appendix to the Reporting, Procedures and Penalties Regulations, 31 CFR Part 501.
http://www.treasury.gov/offices/enforcement/ofac/actions/20080908.shtml