Recordkeeping Revisited: Practical Considerations for How the Extended OFAC Statute of Limitations Impacts Global Trade Compliance Operations

Event description

On April 24, 2024, the 21st Century Peace Through Strength Act (the Act) was signed into law and became effective immediately.  The Act included multiple provisions impacting U.S. sanctions. Significantly, the Act extends the statute of limitations for civil and criminal violations of economic sanctions programs administered by the U.S. Department of Treasury Office of Foreign Assets Control (OFAC) from 5 to 10 years by amending the International Emergency Economic Powers Act (IEEPA) and the Trading with the Enemy Act (TWEA), both of which provide the statutory authority for OFAC’s sanctions programs. 

While the extended statute of limitations will allow OFAC more time to enforce sanctions violations and require exporters to maintain OFAC sanctions-related records for a much longer period of time, the broader implications of the Act on day-to-day global trade compliance operations are significant.  OFAC restrictions –such as economic sanctions, Specially Designated Nationals (SDNs) and related restricted parties, controls on global financial transactions, and more – permeate the entirety of global trade compliance operations for businesses.  Since it is impossible to extricate OFAC-only records for compliance with the new recordkeeping reforms set forth under the Act, companies must think in broader terms when adjusting their global trade compliance programs in response to these new requirements. 

This webinar will review the key provisions and requirements under the 21st Century Peace Through Strength Act.  The webinar will also review broader global trade compliance recordkeeping requirements under all U.S. export regulatory jurisdictions, with an in-depth look at how companies must adapt overall recordkeeping and other global trade compliance processes.  Finally, the webinar will also address additional compliance risks that may arise as companies calibrate their operations in response to the new requirements set forth under the Act.   

Our speaker will be:

Kerry Scarlott, Founding Partner – NorthStar Law