Kenneth Rijock

Kenneth Rijock

Thursday, April 12, 2012

OFAC FINES US COSMETIC FIRM $450,000 FOR IRAN SANCTIONS VIOLATIONS

The US Treasury Department has published its latest edition of Civil Penalties Information, which in the past has usually exposed violations of the Iran Transaction Regulations (ITR) and the International Economic Powers Act (IEEPA). A New York-based Cosmetics firm, Essie Cosmetics Ltd., and an unnamed corporate officer, were sanctioned* for unlicensed exports to Iran. The civil penalty, which was consented to by the company, $450,000, may have been so high due to the fact that the company, according to OFAC, failed to self-report the violation, and that there were "efforts to evade sanctions." You can read the complete text in the hyperlink below.

Are these notices intended to deter future violators ? If so, why are so many American companies being caught trading with Iran ? Don't their compliance officers read the Department of the Treasury website, or is simple greed the issue here ?
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*Enforcement Information


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