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Amendment of Applicable Schedule Amount

sanctions-ofac · OFAC · Rule · Published 2022-01-21 · Effective 2022-01-21 · 87 FR 3206

Document

Document number
2022-01081
Federal Register citation
87 FR 3206
CFR reference
31 CFR 501
Type
Rule
Action
Final rule.
Category
sanctions-ofac
Sub-agency
OFAC
Publication date
2022-01-21
Effective date
2022-01-21

Abstract

The Department of the Treasury's Office of Foreign Assets Control (OFAC) is issuing this final rule to make a technical amendment to the definition of the term "applicable schedule amount" in its regulations. In recent years, OFAC has adjusted its civil monetary penalties (CMPs) as required by the Federal Civil Penalties Inflation Adjustment Act, as amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. While OFAC's "applicable schedule amount" values are not civil monetary penalties that are required to be adjusted pursuant to such statute, OFAC is updating the definition of the term "applicable schedule amount" so that it will automatically rise with OFAC's CMPs, removing the necessity of updating the applicable schedule amount on an annual basis.

Source

Authoritative
Federal Register document
Machine
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