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OFAC Penalties Better Suited to Crimes After Fine Increase, Former Official Says
printOn October 16, President Bush signed the International Emergency Economic Powers Enhancement Act into law, which increased the maximum civil money penalties for IEEPA violations to the greater of $250,000 or twice the amount of the transaction that is the basis of the violation. The penalties had been capped at $50,000 since 2006 when they were increased from $11,000. Betsy Sue Scott, the former head of the Office of Foreign Asset Control's Civil Penalties Division, says that the increase in maximum fines will better fit the punishment to the crime as violators were only receiving a "slap on the wrist"...
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