Category: OFAC

Italian Company to Pay $950,000 for selling US-Origin Parts to Iran

The company agreed to pay $950,000 to settle its potential civil liability for apparent violations of the Iranian Transactions and Sanctions Regulations (ITSR)

US Sanctions: 4.5 Years in jail and $250k fine for man who provided charter flights to Maduro’s entourage

A man was sentenced in the US this week to 55 months in prison for his connection with a scheme to provide private charter flights to members of former Venezuelan President Nicolás Maduro’s inner circle.

USA: BIS fines German Aircraft Services provider, suspends export privileges for procuring parts to Iran

BIS fines German company & issues 3 years suspended export ban for Iran sanctions violations

INDONESIAN COMPANY FINED $1M BY OFAC AND $1.5M BY THE DOJ FOR SELLING CIGARETTE PAPERS TO NORTH KOREA

The long reach of U.S. law continues to affect persons, and companies around the world. Another non- U.S. company held liable by U.S. Authorities for not having a sanctions compliance program.

In case you missed it, post holidays US Compliance roundup

As 2020 came to a close, our friends in the U.S. have bestowed a few compliance “holiday gifts” upon us… so just in case you missed it, here’s what has been put under our tree:

OFAC fines Warren Buffett’s Berkshire Hathaway $4.2 million for Iran sanctions violations

OFAC fined Warren Buffett’s company, Berkshire Hathaway, $4.2 million after its Turkish subsidiary (Iscar Turkey) knowingly violated the US sanctions against Iran.