The Office of Foreign Assets Control (OFAC) under the Department of the Treasury has issued a final rule to adjust civil monetary penalties for inflation, as required by law. This adjustment aims to maintain the deterrent effect of these penalties by reflecting changes in the cost of living. The updated penalties apply across various statutes like the Trading With the Enemy Act, the International Emergency Economic Powers Act, and others. The rule will be effective beginning January 15, 2025, and does not require prior public notice or comment.
Simple Explanation
The government has decided to update some penalty fees so they stay effective and continue to discourage rule-breaking, just like how your allowance might increase to keep up with prices going up for candy. These new penalty amounts will start from January 15, 2025.