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OFAC

The Treasury Department's Office of Foreign Assets Control (OFAC) administers and enforces various economic and trade sanctions programs. It sanctions people and entities by adding them to the Specially Designated Nationals List, and it maintains several other restricted party lists, including the Non-SDN Chinese Military-Industrial Complex Companies List, which includes entities subject to certain investment restrictions. 

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OFAC Adjusts Penalties for Inflation
January 12, 2024 |Penalties and Courts

The Office of Foreign Assets Control is adjusting its civil monetary penalties for inflation, the agency said in a notice this week. The new amounts include higher maximum penalties for violations of the Trading With the Enemy Act, the International Emergency Economic Powers Act, the Antiterrorism and Effective Death Penalty Act, the Foreign Narcotics Kingpin Designation Act and the Clean Diamond Trade Act. The agency also updated two references to “one-half the IEEPA maximum" penalty, which changed from $178,290 to $184,068. OFAC also adjusted the record-keeping penalty amounts in the agency's Economic Sanctions Enforcement Guidelines. The changes take effect Jan. 12.

Topics:OFAC
US Adds to Russia Sanctions, Mum on Details
January 12, 2024 |Sanctions

The Office of Foreign Assets Control this week sanctioned one person, two entities and three aircraft with ties to Russia, according to a Jan. 11 update to its Specially Designated Nationals List. The designations target Vladimir Vladimirovich Mikheychik, Ashuluk Firing Range, and Vladimirovka Advanced Weapons and Research Complex. OFAC also sanctioned aircraft with tail numbers RF-78757, RF-82011 and RF-86898.

Topics:OFAC
BIS Says 2023 Saw Record Number of Export Enforcement Convictions, Denial Orders
January 4, 2024 |Penalties and Courts

The Commerce Department’s export enforcement actions in 2023 resulted in the “highest number ever” of convictions, temporary denial orders and post-conviction denial orders, the Bureau of Industry and Security wrote in a year-end review. It also said it worked with foreign governments to complete over 1,500 end-use checks, “our most ever in a single year,” and added more than 465 parties from China, Iran, Russia and elsewhere to the Entity List.

Topics:Bureau of Industry and Security (BIS)