Senator Dodd Wants Bigger Fines for Exporters and Reexports under the International Emergency Economic Powers Act (IEEPA)
June 2007
Senator Christopher Dodd introduced a bill to increase the fines for export violations under IEEPA. This bill would increase maximum penalties for violations of EAR and OFAC controls from $50,000 to $250,000, or twice the amount of the transaction; and increase criminal penalties to $1,000,000 with a maximum jail sentence of 20 years. In its present form Dodd’s bill would be retroactive to catch any enforcement action in process on the day the bill is passed. The proposed legislation has not only the support of the Treasury Department, but also been approved by the Senate Banking, Housing and Urban Affairs Committee.
— Hannah Bandalan
