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October 28, 2008 

OFAC Issues Revised Civil Penalty Policy

The Treasury Department's Office of Foreign Assets Control (OFAC) today issued a Revised Interim Policy (pdf) to explain how it will handle civil penalties imposed in enforcement cases in which a Prepenalty Notice was issued after October 16, 2007 (the date of enactment of the International Emergency Economic Powers Enhancement Act) but before September 8, 2008 (the date of publication of OFAC's new Economic Sanctions Enforcement Guidelines).

Under OFAC's Revised Interim Policy, in those cases in which a Prepenalty Notice was issued after October 16, 2007, but before September 8, 2008, OFAC will honor the terms of the Prepenalty Notice and will continue to process the case according to the Enforcement Guidelines or Banking Enforcement Procedures pursuant to which the Prepenalty Notice was prepared.

In addition, in cases where OFAC staff agreed to recommend a proposed settlement amount internally, and that amount was memorialized in writing between the parties between October 16, 2007, and September 8, 2008, OFAC will apply the then-applicable Enforcement Guidelines or Banking Enforcement Procedures in considering whether to approve the settlement.

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