Recent news from Treasury’s Office of Foreign Assets Control: September 21

OFAC took sanctions action over the recently in the Iran program:

  • OFAC Announces Settlement Agreements with 3M Company and Emigrant Bank to Settle Potential Civil Liability for Apparent Sanctions Violations on Iran: OFAC on Sept. 21 revealed a $9,618,477 settlement with 3M Company to settle 3M’s possible civil liability for 54 evident infractions of OFAC sanctions on Iran. The evident infractions developed from a 3M subsidiary’s sale of reflective license plate sheeting to an Iranian entity managed by the Iranian Law Enforcement Forces. Between September 2016 and September 2018, 3M East AG offered 43 orders of this item to a reseller with understanding that it was predestined for a client in Iran. One U.S.-person worker of another 3M subsidiary was substantively associated with these sales. OFAC identified that these evident infractions were outright and were willingly self-disclosed. Read more.
  • In a different statement, OFAC revealed a $31,867.90 settlement with Emigrant Bank to settle its possible civil liability for evident infractions of sanctions versus Iran. According to OFAC, Emigrant, for 26 years, preserved a Certificate of Deposit account on behalf of 2 Iranian people, for which it processed 30 deals in between June 2017 and March 2021 amounting to $91,051.13. The bank had real understanding of the Iranian address and evident area of the accountholders throughout this duration. The settlement quantity shows OFAC’s decision that Emigrant’s conduct was non-egregious and willingly self-disclosed. Read more.

Iran-associated Sanctions

  • OFAC Sanctions Network Supporting Iran’s UAV and Military Aircraft Production: OFAC on Sept. 19 approved 7 people and 4 entities based in Iran, the People’s Republic of China, Russia, and Türkiye in connection with Iran’s unmanned aerial car (UAV) and military airplane advancement. This designated network has actually assisted in deliveries and monetary deals in assistance of the U.S.-designated Iran Aircraft Manufacturing Industrial Company’s (HESA’s) UAV and military airplane production, procurement, and upkeep activities. Related to this action, OFAC is upgrading HESA’s entry on the Specially Designated Nationals and Blocked Persons List to include its brand-new alias (Shahin Co.) which it has actually utilized to avert sanctions and export control procedures. Read more. See recognizing info on the designees.


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