It's Time to File OFAC's Annual Report of Blocked Property
The Reporting, Procedures and Penalties Regulations (RPPR) requires holders of blocked property to provide the Office of Foreign Assets Control (OFAC) with a comprehensive list of all blocked property held as of June 30 of the current year by September 30.
For this Annual Report of Blocked Property (ARBP), the term blocked property only applies to property that is blocked pursuant to OFAC regulations. Property that was unblocked by an OFAC general or specific license or was previously blocked pursuant to a sanctions program that was terminated on or before June 30, 2022, is not considered blocked property, and should not be reported in the ARBP. Similarly, a restricted account of a person who is ordinarily a resident of Iran is not blocked and should not be reported to OFAC in the ARBP, unless there is an interest in the account of a person whose property and interests in property are blocked pursuant to an applicable sanctions authority.
Persons filing the 2022 ARBP are required to utilize spreadsheet form TD-F 90-22.50. Completed forms should be filed through the OFAC Reporting System (ORS). Failure to submit a required ARBP by September 30 constitutes a violation of the RPPR. Click here to view OFAC’s Guidance on Filing the Annual Report of Blocked Property for additional guidance.
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