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U.S. company agrees to pay $1.7 million to settle Iranian trade violations

U.S. company agrees to settle Iranian trade violations

The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) today announced that a Washington State company agreed to pay just over $1.7 million to settle its potential civil liability for apparent violations of the Iranian transactions and sanctions regulations by a wholly owned subsidiary located in the Netherlands.

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According to today’s OFAC release [PDF 32 KB], between October 2013 and February 2015, the Dutch subsidiary sold or supplied 63 trucks to customers in Europe that it knew or had reason to know were ultimately intended for buyers in Iran. 

OFAC determined that the Washington State company voluntarily disclosed the apparent violations, and that the apparent violations constituted a non-egregious case.

In a related development, OFAC today announced amendments to the Iranian sanctions regulations to implement Executive Order 13871, “Imposing Sanctions with Respect to the Iron, Steel, Aluminum, and Copper Sectors of Iran."  In connection with the issuance of these regulations, OFAC amended several "frequently asked questions" (FAQs) and published several new FAQs. Read the OFAC release.

 

For more information on this topic or to learn more about KPMG’s Trade & Customs Services, contact:

Doug Zuvich
Partner and Global Practice Leader
T: 312-665-1022
E: dzuvich@kpmg.com

John L. McLoughlin
Principal and East Coast Leader
T: 267-256-2614
E: jlmcloughlin@kpmg.com

Andy Siciliano
Partner and National Practice Leader
T: 631-425-6057
E: asiciliano@kpmg.com

Steve Brotherton
Principal and Global Export and Sanctions Leader
T: 415-963-7861
E: sbrotherton@kpmg.com

Luis (Lou) Abad
Principal, Washington National Tax
T: 212-954-3094
E: labad@kpmg.com

Irina Vaysfeld
Principal
T: 212-872-2973
E: ivaysfeld@kpmg.com

Amie Ahanchian
Managing Director
T: 202-533-3247
E: aahanchian@kpmg.com

Robert Waldrop
Principal
T: 212-954-8117
E: rwaldrop@kpmg.com

Gisele Belotto
Managing Director
T: 305-913-2779
E: gbelotto@kpmg.com

Christopher Young
Principal
T: 312-665-3229
E: christopheryoung@kpmg.com

Andy Doornaert
Managing Director
T: 313-230-3080
E: adoornaert@kpmg.com

George Zaharatos
Principal
T: 404-222-3292
E: gzaharatos@kpmg.com

Jessica Libby
Managing Director
T: 612-305-5533
E: jlibby@kpmg.com

 

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