OFAC adopted an interim final rule that will update the instructions for and add new requirements to the Reporting, Procedures and Penalties Regulations (the "Regulations").
According to OFAC, the interim final rule will:
- update reporting instructions and add new requirements for those that are filing reports on blocked property, unblocked property or rejected transactions;
- outline electronic license application procedures and provide additional information regarding applications for the release of blocked funds;
- clarify the availability of information submitted to OFAC under the Freedom of Information Act; and
- make several technical and conforming edits to the Regulations.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.