The final rule is applicable on March 12, 2025.
The Department of the Treasury’s Office of Foreign Assets Control (OFAC) today released a final rule amending multiple parts of the Code of Federal Regulations (CFR) to update general licenses authorizing payments for legal services from funds originating outside the United States.
The rule replaces the reporting requirement in the general license with a recordkeeping requirement in applicable parts of 31 CFR chapter V. Additionally, in two CFR parts, OFAC is updating the general licenses authorizing the provision of certain legal services and adding a general license authorizing payment for legal services from funds originating outside the United States.
The rule is effective upon publication in the Federal Register, which is scheduled to be December 19, 2024, and applicable on March 12, 2025.