OFAC Announces More than $180,000 in Penalties for Violations
The Treasury Department's Office of Foreign Assets Control said two firms agreed to pay more than $180,000 to settle violations. The cases were:
Sign up for a free preview to unlock the rest of this article
Export Compliance Daily combines U.S. export control news, foreign border import regulation and policy developments into a single daily information service that reliably informs its trade professional readers about important current issues affecting their operations.
- Sogda Limited of Kirkland, Wash., agreed to pay $128,250 to settle potential civil liability for alleged violations of the Iranian Transactions Regulations, OFAC said. It said the alleged violations occurred between March 25, 2009, and Aug. 26, 2010, and involved seven export transactions about transshipment of goods through Bandar Abbas, Iran. OFAC said the settlement amount reflects the facts that Sogda has no history of prior OFAC violations; Sogda undertook remedial measures by creating an OFAC compliance program; and Sogda cooperated with OFAC by providing information regarding substantially similar additional transactions of which OFAC had not been aware.
- Natoli Engineering agreed to pay $52,920 to settle potential civil liability for alleged violations of the Foreign Narcotics Kingpin Sanctions Regulations. It said the alleged violations occurred between Nov. 2008 and Jan. 2010, and involved selling various products to Productos Farmaceuticos Collins, S.A., which is on the Specially Designated Nationals and Blocked Persons List, and when it attempted to reimburse Productos Farmaceuticos for overpayments that it had previously made to Natoli. OFAC said the settlement amount reflects that Natoli has no history of prior OFAC violations; and Natoli cooperated with OFAC's investigation.