OFAC Extends Recordkeeping Requirements To 10 Years

As readers of Enforcement Edge are aware, on April 24, 2024, President Biden signed into law the 21st Century Peace through Strength Act (the Act), which extended from five years to 10 years the statute of limitations for bringing civil and criminal enforcement actions under the International Emergency Economic Powers Act (IEEPA) and the Trading with the Enemy Act (TWEA). The U.S. Department of the Treasury, Office of Foreign Assets Control (OFAC) previously had issued guidance on the Act's effect, in which it stated that it planned to publish an interim final rule to extend the recordkeeping requirements to 10 years.

On September 11, 2024, OFAC issued an interim final rule amending the Reporting, Procedures and Penalties Regulations and the Cuban Assets Controls Regulations to extend from five to 10 years the recordkeeping requirements for transactions subject to OFAC regulations. The rule takes effect on March 12, 2025. Interested parties may submit comments on or