On April 24, 2024, President Biden signed the Peace Through Strength in the 21st Century Act (Pub. L. No. 118-50, div. D). Part of the bill includes a provision that extends the statute of limitations for civil and criminal violations of the International Emergency Economic Powers Act (IEEPA) and the Trading with the Enemy Act (TWEA) from five years to ten years. The new statute of limitations takes effect on the date the President signs it.
Recently, the U.S. Office of Foreign Assets Control (OFAC) issued a guidance document outlining the impact of the 10-year statute of limitations. According to the guidance, OFAC can now bring a civil enforcement action under IEEPA or TWEA within 10 years from the date of the violation if the violation occurred after April 24, 2019.
To align with the established 10-year statute of limitations, OFAC issued an interim final rule on September 13, 2024, extending the statute of limitations for the recordkeeping requirements set forth in 31 CFR § 501.601 to 10 years.
The deadline for submitting comments is October 15, 2025. The rule becomes effective March 12, 2025.
For more information and perspective, listen to a recent episode of the Justice Insiders podcast hosted by Husch Blackwell partner Grant Leach. Grant and host Gregg N. Sofer discuss some of the implications of the 10-year statute of limitations on corporate compliance and regulatory enforcement.
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