U.S. company agrees to pay $660,000 to settle Iranian sanctions violations
Exportation of U.S. origin goods to Iran
Exportation of U.S. origin goods to Iran
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today announced that a company headquartered in New Jersey has agreed to settle its potential civil liability for three apparent violations of OFAC sanctions on Iran.
As explained in the OFAC release [PDF 185 KB], the company, which sells specialized building materials, agreed to pay over $660,000 due to its United Arab Emirates subsidiary’s exportation of U.S. origin goods to Iran.
Specifically, between December 2016 and August 2017, the subsidiary’s senior leadership oversaw the purchase and reexportation of commercial building products, valued at approximately $1.1 million from suppliers in the United States with the knowledge that these goods were ultimately destined for a customer in Iran.
OFAC determined that the apparent violations were egregious and were voluntarily self-disclosed.
For more information, contact a professional with KPMG’s Trade & Customs services:
Doug Zuvich |
John L. McLoughlin |
Andy Siciliano |
Steve Brotherton |
Luis (Lou) Abad |
Irina Vaysfeld |
Amie Ahanchian |
Christopher Young |
Gisele Belotto |
George Zaharatos |
Andy Doornaert |
Jessica Libby Principal E: jlibby@kpmg.com |
| John Anderson Managing Director E: johneanderson@kpmg.com |
Jenna Leigh Glass Managing Director E: jennaleighglass@kpmg.com |
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