In a Federal Register Notice (FRN) published on February 10, 2017, the Department of the Treasury (Treasury) announced a final rule that adjusts for inflation the maximum amount of civil monetary penalties (CMPs) that may be assessed under applicable Office of Foreign Assets Control (OFAC) regulations. The increased amounts will be assessed “regardless of whether the underlying violation predated such increase.”
The Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015, mandates that civil monetary penalties periodically be adjusted to improve their effectiveness and maintain their deterrent effect.
This final rule went into effect on February 10, 2017.
The FRN can be accessed at:
