Federal Register #31 CFR Part 505

OFAC Consolidates Sanctions Penalty Provisions Under New Regulations

This regulatory update from the Department of the Treasury's Office of Foreign Assets Control (OFAC) introduces consolidated 'Sanctions Penalties Regulations' under 31 CFR Part 505. - Government Buyer: - Department of the Treasury, Office of Foreign Assets Control (OFAC) - OEMs and Vendors: - No OEMs or vendors are mentioned; this is a regulatory action, not a procurement opportunity - Products/Services Requested: - No products or services are requested; the regulation pertains to enforcement procedures and penalty provisions - Unique or Notable Requirements: - Consolidates penalty provisions for multiple sanctions programs - Standardizes enforcement procedures for civil and criminal penalties under IEEPA and UNPA - Details processes for penalty imposition, settlement, notification, response, and recordkeeping - Ensures compliance with federal civil penalties inflation adjustment laws - No procurement activity or contract opportunity is present in this notice

Description

The Department of the Treasury's Office of Foreign Assets Control (OFAC) is adding the Sanctions Penalties Regulations. These new regulations consolidate previously existing information regarding penalties applicable to multiple sanctions programs implemented by OFAC. The rule outlines enforcement procedures, civil and criminal penalties under the International Emergency Economic Powers Act (IEEPA) and the United Nations Participation Act (UNPA), and the process for penalty imposition and settlement. The regulations aim to standardize penalties provisions and ease compliance with federal civil penalties inflation adjustment laws. The rule is effective from September 25, 2026.

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