OFAC Issues Guidance Extending Statute of Limitations to 10 Years
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…
Statute of Limitations Extension – Export Compliance Manager
Leading specialist publication providing news and insights on global export controls and sanctions.First published in 2011, WorldECR is the platform for understanding international sanctions and export control developments and their impact on global trade. WorldECR is your indispensable resource on a global scale, covering a wide range of issues.
Explore the latest exhibition information and industry trends at ASAP Expo Magazine. Your one-stop platform, bringing together global exhibition highlights, industry trends and in-depth analysis, to help companies accurately connect with the market and seize business opportunities.
