Amendment of Applicable Schedule Amount
Rule published January 21, 2022 · 87 FR 3206
- Document number
- FR Doc. 2022-01081
- Type
- Rule
- Published
- January 21, 2022
- Citation
- 87 FR 3206 (pages 3,206–3,207)
- Action
- Final rule.
- Effective
- January 21, 2022
- Dates
- This rule is effective January 21, 2022.
- Official sources
- PDF (govinfo.gov) · federalregister.gov
Summary
The Federal Register's summaryThe Department of the Treasury's Office of Foreign Assets Control (OFAC) is issuing this final rule to make a technical amendment to the definition of the term "applicable schedule amount" in its regulations. In recent years, OFAC has adjusted its civil monetary penalties (CMPs) as required by the Federal Civil Penalties Inflation Adjustment Act, as amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. While OFAC's "applicable schedule amount" values are not civil monetary penalties that are required to be adjusted pursuant to such statute, OFAC is updating the definition of the term "applicable schedule amount" so that it will automatically rise with OFAC's CMPs, removing the necessity of updating the applicable schedule amount on an annual basis.
Regulations cited
- 31 CFR part 501 (today: Reporting, Procedures and Penalties Regulations) · Other documents citing it · eCFR as of January 21, 2022
OFAC has reused some part numbers, so today's heading can name a different regulation from the one this document concerned.
Text
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