On April 24, 2024, President Biden signed into law the 21st Century Peace through Strength Act, Pub. L. No. 118-50, div. D. Part of the Act included a provision extending the statute of limitations for civil and criminal violations of the International Emergency Economic Powers Act (IEEPA) and the Trading with the Enemy Act (TWEA) from five years to 10 years. The new statute of limitations took effect on the date of the President’s signature.

Recently, the Office of Foreign Assets Control (OFAC) issued a Guidance Document outlining the implications of a 10-year statute of limitations. According to the guidance, OFAC may now initiate a civil enforcement action brought under IEEPA or TWEA within 10 years of the latest date of the violation, if such date was after April 24, 2019.

To align with the 10-year statute of limitations provided, on September 13, 2024, OFAC issued an interim final rule extending the statute of limitations to 10 years for the recordkeeping requirements codified at 31 C.F.R. § 501.601.

Comments may be submitted until October 15, 2025. The rule is effective March 12, 2025.

For more information and perspective, check out this recent Justice Insiders podcast episode featuring Husch Blackwell partner Grant Leach. Grant and host Gregg N. Sofer discuss some of the implications of the 10-year statute of limitations for corporate compliance and regulatory enforcement.