Federal Register: OFAC Adopts Changes to Reporting, Procedures and Penalties Regulations
The OFAC interim final rule updating the instructions for and adding new requirements to the Reporting, Procedures and Penalties Regulations (the "Regulations") went into effect June 21, 2019. Written comments concerning the rule must be submitted on or before July 22, 2019.
As previously reported, the interim final rule will:
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update reporting instructions and add new requirements for those that are filing reports on blocked property, unblocked property or rejected transactions;
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outline electronic license application procedures and provide additional information regarding applications for the release of blocked funds;
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clarify the availability of information submitted to OFAC under the Freedom of Information Act; and
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make several technical and conforming edits to the Regulations.