OFAC Enters Into Settlement With Singapore Company for Apparent Illicit Oil Rig Shipments to Iran
The Office of Foreign Assets Control on Aug. 24 announced a $415,350 settlement with COSL Singapore Ltd., for apparent violations of the Iranian Transactions and Sanctions Regulations, after COSL used subsidiaries in a plan to export 55 orders of oil…
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rig supplies to four oil rigs in Iranian territorial waters. According to OFAC, COSL Singapore exported or attempted to export the supplies between approximately Oct. 7, 2011, and Feb. 20, 2013, to Singapore and the United Arab Emirates, then re-exported or attempted to re-export the supplies to the Iranian oil rigs. COSL Singapore didn’t voluntarily self-disclose the apparent violations to OFAC, and the agency determined the apparent violations constitute a non-egregious case, OFAC said.