January 19, 2007
The Commerce Department, Bureau of Industry and Security recently implemented new regulations which significantly increase the "civil monetary penalties" from $11,000 to $50,000 per violation. The new penalties may be assessed against violators of the International Emergency Economic Powers Act (IEEPA) sections pertaining to the Export Administration Regulation and the Chemical Weapons Convention Implementation Act, Import Restriction Violation. The amount of civil penalty which can now be assessed has increased from $11,000 to $50,000 per violation. These penalties pertain to violation of both BIS and OFAC (Office of Foreign Assets Control) regulations.