OFAC update: Final interim rule amending the reporting, procedures, and penalties regulations (RPPR) and Freedom of Information Act (FOIA) disclosures

On 20 June 2019 the Department of Treasury's Office of Foreign Assets Control (OFAC) issued a final interim rule (effective on 21 June 2019) amending its reporting, procedures, and penalties regulations, 31 Code of Federal Regulations Section 501 et seq. (RPPR).

The RPPR sets forth standard reporting and recordkeeping requirements, license application, and other procedures relevant to the economic sanctions programs administered by OFAC. Among other things, the RPPR provides updated instructions and new requirements for parties filing reports on blocked property, unblocked property, or rejected transactions.

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