Kenneth Rijock

Kenneth Rijock

Tuesday, November 8, 2011

OFAC CONTINUES TO NAME & SHAME IRAN SANCTIONS VIOLATORS

The Department of the the Treasury continues its "take no prisoners" programme regarding companies that have done business, directly or indirectly, with Iran.The Office of Foreign Assets Control has released the 8 November edition of its Enforcement Information*, naming & shaming two US companies for violations of Iranian Transactions Regulations.

(1) Wilson Tool International Inc. : A Minnesota company paid a $15,000 penalty for exporting tooling equipment to Iran without an OFAC license.

(2) ASF, Inc. : An Alabama corporation agreed to pay $5400 for sending goods to a third country that ended up in Iran. The press release pointedly noted that the company had no OFAC compliance programme.

See the original document* for more details.

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*http://www.treasury.gov/resource-center/sanctions/CivPen/Documents/11082011.pdf

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