OFAC issues Burma-related designations, general licenses and FAQs; amends Federal Civil Penalties
On 25th March 2021, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued four Burma-related General Licenses (1, 2, 3, 4). OFAC also published two related Frequently Asked Questions (FAQs 882 and 883) and updated the Specially Designated Nationals and Blocked Persons List. For more details see OFAC’s recent actions.
Additionally, effective 17th March 2021, OFAC amended the Federal Civil Penalties Inflation Adjustment Act of 1990 to correct for inflation. This amendment sets the maximum amount of civil monetary penalties allowable under OFAC regulations. For further information see OFAC’s recent actions and the Federal Register.