Regulatory Alerts2024-10-08 | 2024-23217Added · Updated
Reporting, Procedures and Penalties Regulations
The Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued this final rule to amend the Reporting, Procedures and Penalties Regulations by adding three exceptions to the reporting requirement for blocked property that is unblocked or transferred. The agency responded to public comments on its May 2024 interim final rule by clarifying that reports are not required for authorized internal transfers, unblockings pursuant to specific or general licenses, or unblockings resulting from SDN List removals. This rule also maintains existing requirements for electronic filing via the OFAC Reporting System, rejected transaction reports, and recordkeeping while declining to impose specific response deadlines for compliance release requests.
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