Senate Bill Would Allow OFAC to Keep 5% of Seized Assets, Fines
Sen. Marco Rubio, R-Fla., announced March 12 that he has introduced a bill to incentivize the Office of Foreign Assets Control to increase its sanctions enforcement. The bill is needed because “as of recently, OFAC has not been as aggressive in sanctions enforcement as it should be,” the announcement says.
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Rubio’s proposed “Sanctions Recovery Act” would allow OFAC to keep 5% of foreign assets seized through sanctions enforcement. The agency could use the proceeds to cover salaries and other administrative expenses.