This blog post was drafted with assistance from Sean C. Church, Paralegal
On July 22nd, 2024, OFAC published a guidance document regarding the 21st Century Peace through Strength Act's extension of the statute of limitations for civil and criminal violations of the International Emergency Economic Powers Act (IEEPA) or the Trading with the Enemy Act (TWEA) from five years to 10 years.
OFAC's guidance clarified that they may now enforce civil violations of IEEPA- or TWEA- based sanctions prohibitions within 10 years of the latest violation, assuming the latest violation happened after April 24th, 2019. Therefore, the extended statute of limitations does not apply to violations that occurred more than 5 years before the recent rule change.
OFAC also announced that they would publish a new interim final rule, with an opportunity to provide comment, changing recordkeeping requirements to align with the extended statute of limitations. The rule would extend the requirements from five to 10 years. OFAC stated that they expect a 10-year recordkeeping requirement would be effective within six months of the interim final rule's publication.
The guidance document from OFAC can be found here.
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