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U.S. OFAC settlement agreements for violations of Global Magnitsky Sanctions Regulations and sanctions on Iran

Apparent violations of OFAC's Global Magnitsky Sanctions Regulations and sanctions on Iran

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December 18, 2024

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) today announced two separate settlements for apparent violations of OFAC's Global Magnitsky Sanctions Regulations and sanctions on Iran.

  • An individual has agreed to pay approximately $45,179 to settle potential civil liability for six apparent violations of OFAC's Global Magnitsky Sanctions Regulations. Between January 2021 and June 2021, the individual made six payments totaling $45,179 on behalf of a sanctioned individual, knowing the individual was blocked. OFAC determined that the violations were not self-disclosed and that three were egregious. Read the enforcement release
  • A California-based manufacturer of musical instruments has agreed to remit $41,591 to settle potential civil liability for apparent violations of sanctions on Iran. The company shipped instruments and related accessories on nine occasions, knowing they were destined for Iran. OFAC determined that the manufacturer’s conduct was non-egregious and voluntarily self-disclosed. Read the enforcement release

For more information, contact a professional with KPMG Trade & Customs services:

Andrew Siciliano
Partner, U.S. & Global Practice Leader

E: asiciliano@kpmg.com

Doug Zuvich
Partner

E: dzuvich@kpmg.com

Irina Vaysfeld
Principal

E: ivaysfeld@kpmg.com

John L. McLoughlin
Principal

E: jlmcloughlin@kpmg.com

Luis (Lou) Abad
Principal

E: labad@kpmg.com

George Zaharatos
Principal

E: gzaharatos@kpmg.com

Christopher Young
Principal

E: christopheryoung@kpmg.com

Amie Ahanchian
Principal

E: aahanchian@kpmg.com

Gisele Belotto
Principal

E: gbelotto@kpmg.com

Steve Brotherton
Principal

E: sbrotherton@kpmg.com

Jessica Libby
Principal

E: jlibby@kpmg.com

Dawn Olesky
Principal

E: dolesky@pmg.com

Frances Xing
Principal

E: francesxing@kpmg.com

 

 

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