Money Laundering, Terrorism & Financial Institutions
Published by Civic Research Institute,

USA PATRIOT Act Monitor News Release: OFAC To Publicize Violators
2/26/2003 4:22:09 PM Eastern Standard Time

The Office of Foreign Assets Control will release civil penalty enforcement information on a routine basis under 31 CFR 501.805, which has now been amended by adding a new paragraph (d). Information will be released on a weekly basis, beginning April 4, 2003, though the rule provides for disclosure on a "routine basis, not less frequently than monthly." (67 Fed. Reg. 6820, February 11, 2003) The information will be posted on OFAC's website. At least initially, OFAC intends to notify affected companies before information pertaining to them is made public. Information will be released on penalties imposed and settlements reached "since the end of March 2002." Further discussion of this development will be included in the March issue of the USA PATRIOT Act Monitor.


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