The Office of Foreign Assets Control reports that the statute of limitations for civil and criminal violations of the International Emergency Economic Powers Act or the Trading with the Enemy Act (the laws that underlie U.S. export controls and economic sanctions) was doubled from five to ten years as of April 24 under legislation signed into law on that date by President Biden.
Consequently, OFAC may now commence enforcement actions (e.g., fines, penalties, or forfeitures) for civil violations of IEEPA- or TWEA-based sanctions prohibitions within ten years of the latest date of the violation if such date was after April 24, 2019. The commencement of a civil enforcement action includes the issuance of a pre-penalty notice or a finding of violation.
To match the new statute of limitations period OFAC anticipates publishing an interim final rule that, effective six months after its publication, will extend from five to ten years the recordkeeping requirements codified at 31 CFR 501.601.
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