The US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) has announced it is amending its Reporting, Procedures and Penalties Regulations (“RPPR”), which set forth standard reporting and recordkeeping requirements as well as license application and other procedures relevant to the economic sanctions programs it administers.
In the interim final rule, made available 8 May, OFAC said: “
In particular, the rule would require use of the electronic OFAC Reporting System for subm...
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