Skip to main content
Menu Icon
Close

InfoBytes Blog

Financial Services Law Insights and Observations

OFAC issues Ethiopia sanctions regulations and amendments for civil penalties

Financial Crimes OFAC OFAC Sanctions Department of Treasury Of Interest to Non-US Persons Ethiopia Civil Money Penalties

Financial Crimes

On February 8, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) announced sanctions regulations pursuant to Executive Order 14046 of September 17, 2021, “Imposing Sanctions on Certain Persons with Respect to the Humanitarian and Human Rights Crisis in Ethiopia.” According to the final rule, OFAC “intends to supplement these regulations with a more comprehensive set of regulations, which may include additional interpretive guidance and definitions, general licenses, and other regulatory provisions.” The regulations become effective February 9, upon publication in the Federal Register.

OFAC also announced that it is amending its regulations to implement the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015, which adjusts for inflation the maximum amount of the civil monetary penalties that may be assessed under relevant OFAC regulations. The amendments become effective February 9, upon publication in the Federal Register.