OFAC increased penalties take effect

On 1 July 2016, OFAC issued an “interim final rule” increasing the maximum penalties for breach of US sanctions for inflation, with effect from 1 August 2016. The increases are: – from $65,000 to $83,864 for the Cuba sanctions regime; – from $1,075,000 to $1,414,020 under the Foreign Narcotics Kingpin Designation Act; – from $250,000 to $284,582 for violations of…