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Rubio Introduces Bill to Allow Seized Funds for Staffing and Enforcement Purposes

Mar 12, 2024 | Press Releases

The U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC) is responsible for protecting U.S. national security by sanctioning foreign nationals and/or entities. However, as of recently, OFAC has not been as aggressive in sanctions enforcement as it should be.

U.S. Senator Marco Rubio (R-FL) introduced the Sanctions Recovery Act to incentivize OFAC to strictly enforce sanctions. This bill would allow the agency to acquire 5 percent of foreign assets seized as well as of sanctioned fines. The amount collected would benefit salaries and administrative costs, and thus allow OFAC to increase sanctions and recompense Treasury for further enforcement efforts.

  • “The Department of Treasury’s Office of Foreign Assets Control plays an essential role in protecting our nation from foreign threats, including international adversaries and terrorist organizations. Our agencies must have the resources needed to enforce its mission while they counter any future threats.” – Senator Rubio