Type:Rule
Citation:90 FR 13286
Reading Time:about 4 minutes
The Office of Foreign Assets Control (OFAC) of the Treasury Department is finalizing a rule to extend recordkeeping requirements from five to ten years. This change aligns with the statute of limitations for violations of certain sanctions. Despite comments requesting more time and concerns about EU regulations, the rule will be implemented without adjustments. The rule is effective as of March 21, 2025, and does not require a public comment period due to its procedural nature.
Simple Explanation
The government has decided that people need to keep important papers and records for 10 years instead of 5 years. This change is to make sure rules that protect against bad things are followed, even if it takes a long time to catch someone breaking the rules.