Office of Foreign Assets Control amends trading rules
The U.S. Office of Foreign Assets Control (OFAC), in the Department of the Treasury, has issued an interim final rule incorporating procedural and administrative changes involving civil penalties under the Trading With the Enemy Act.
The changes affect foreign asset control regulations pertaining to North Korea and Cuba, and transaction control regulations applying to “certain offshore trading in strategic goods with the former Soviet bloc,” including Iran and again, Cuba, OFAC said in a statement.
The new interim rule sets penalties of $1 million for violating the Trading With the Enemy Act for companies, and for individuals, a fine of $55,000, plus $100,000 and 10 years in prison for individuals if criminal penalties are warranted.
Public comments are due by Oct. 14, and should be sent to the Chief of Records, Office of Foreign Assets Control, Department of the Treasury, 1500 Pennsylvania Avenue NW, Washington, D.C., 20220, marked as “attention, request for comments.”
For more information, call OFAC’s office of the chief of penalties, (202) 622-6140.
