Type:Rule
Citation:89 FR 103641
Reading Time:about 59 minutes
The Department of the Treasury's Office of Foreign Assets Control (OFAC) has introduced a final rule that changes some parts of the Code of Federal Regulations. This rule updates the way payments for legal services, originating from outside the United States, are handled. OFAC is now requiring recordkeeping instead of reporting requirements and has revised general licenses, so payments for certain legal services can be made from external funds. This rule is effective from December 19, 2024, and applies starting March 12, 2025.
Simple Explanation
The Treasury has made a new rule that changes how people pay for lawyer help with money from outside the country. Instead of telling the government about it, they just have to keep good records.