U.S. OFAC amendments to Reporting, Procedures and Penalties Regulations
A final rule to amend the Reporting, Procedures and Penalties Regulations, and extend recordkeeping requirements
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today released a final rule to amend the Reporting, Procedures and Penalties Regulations, and extend recordkeeping requirements for certain transactions from five to 10 years, consistent with the statute of limitations for violations of certain sanctions administered by OFAC.
The final rule adopts the interim final rule published on September 13, 2024 (read TaxNewsFlash), without change.