International Trade Today is a service of Warren Communications News.

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.

Sign up for a free preview to unlock the rest of this article

If your job depends on informed compliance, you need International Trade Today. Delivered every business day and available any time online, only International Trade Today helps you stay current on the increasingly complex international trade regulatory environment.

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.