Aggregated News From Investment Management Regulators

Issuance of Ethiopia Sanctions Regulations; Implementation of the Federal Civil Penalties Inflation Adjustment Act

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The Department of the Treasury’s Office of Foreign Assets Control (OFAC) is issuing the Ethiopia Sanctions Regulations to implement Executive Order 14046 of September 17, 2021, “Imposing Sanctions on Certain Persons with Respect to the Humanitarian and Human Rights Crisis in Ethiopia.”  These regulations are currently available for public inspection with the Federal Register and will take effect upon publication in the Federal Register on February 9, 2022.  OFAC intends to supplement these regulations with a more comprehensive set of regulations, which may include additional interpretive guidance and definitions, general licenses, and other regulatory provisions.

OFAC is amending its regulations to implement for 2022 the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015.  This regulatory amendment adjusts for inflation the maximum amount of the civil monetary penalties that may be assessed under relevant OFAC regulations.  This regulatory amendment is currently available for public inspection with the Federal Register and will take effect upon publication in the Federal Register on February 9, 2022.

This news item was originally published by the Office of Foreign Assets Control (OFAC US). For more information, please see the Source Link.

Regulator Information

Abbreviation: OFAC
Jurisdiction: United States

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