STATUTE OF LIMITATIONS EXTENDED FOR VIOLATIONS OF TRADING WITH THE ENEMY ACT
August 8, 2024
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On July 22. 2024, the U.S. Department of the Treasury (“Treasury”) Office of Foreign Assets Control (“OFAC”) released guidance regarding a change to the statute of limitations related to violations of the International Emergency Economic Powers Act (“IEEPA”) and the Trading with the Enemy Act (“TWEA”). Section 3111 of the 21st Century Peace through Strength Act extends the statute of limitations for civil or criminal violations of the IEEPA and TWEA from five (5) years to ten (10) years effective as of April 24, 2024. Critically, this extension allows OFAC to commence a civil enforcement action for a violation of the IEEPA and TWEA that occurred any time on or since April 24, 2019. The IEEPA and TWEA grant broad authority to the President to restrict trade between the U.S. and foreign powers during times of war and national emergency. OFAC plans to publish an interim final rule, with an opportunity for public comment, that will codify the extension of the statute of limitations pursuant to recordkeeping requirements. “OFAC anticipates that a ten-year (10) recordkeeping requirement would become effective six (6) months after publication of the interim final rule.”
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