OFAC Amends Regulations on Rough Diamond Trade

The Office of Foreign Assets Control is amending its regulations on trade in rough diamonds to update requirements for Kimberly Process Certificates. OFAC’s final rule incorporates recent changes to Census Bureau requirements for submission of Kimberly Process Certificates for imports and exports of rough diamonds (see 1804230045), and also clarifies which entity may issue Kimberly Process Certificates for rough diamond exports. OFAC is also adding definitions for rough diamond packaging requirements and voided certificates, and making “certain technical and conforming changes” to penalty provisions. The final rule takes effect June 19, 2018.