Regulatory Alerts2002-06-19 | 02-15377Added · Updated
Rules Governing Availability of Information
The Office of Foreign Assets Control proposes to amend 31 CFR Part 501 to require the quarterly public disclosure of specific civil penalties information following the conclusion of enforcement proceedings. For entities, OFAC must release the violator's name, the applicable sanctions program, a brief description of the violation, and the penalty or settlement amount. For proceedings involving individuals, OFAC will release aggregate data on the number of penalties, sanctions programs, violation descriptions, and amounts, while withholding individual names. The rule explicitly excludes information related to the Foreign Narcotics Kingpin Sanctions Regulations, trade secrets, and pending proceedings from public release.
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