Comments due on OFAC interim final rule amending Reporting, Procedures and Penalties regulations
OFAC has published an interim final rule [84 FR 29055] amending its Reporting, Procedures and Penalties Regulation (RPPR) at 31 CFR part 501, which establish standard reporting and recordkeeping requirements and license application and other procedures relevant to the economic sanctions programs administered by OFAC. The interim rule
- provides updated instructions and incorporates new requirements for parties filing reports on blocked property, unblocked property, or rejected transactions;
- revises the licensing procedures section to include information regarding OFAC’s electronic license application procedures, and to provide additional instructions regarding applications for the release of blocked funds; and
- clarifies the rules governing the availability of information under federal law, including the Freedom of Information Act (FOIA), for information that is submitted to OFAC in connection with blocking or unblocking reports, reports on rejected transactions, or license applications.
The amendments are effective June 21, 2019. Comments on the interim final rule will be accepted through July 22, 2019.