Region: Iran, Islamic Republic of

The nearly $10 million penalty from the US civil sanctions enforcer comes just a month after the company agreed to pay $6.5 million to resolve an FCPA-linked probe by the SEC.

22 September 2023

The seizure of more than 980,000 barrels of oil from a Greek ship operator shows the DOJ’s understanding of sanctions evasion in the oil trade is becoming more sophisticated, a former OFAC official said.

12 September 2023

A Michigan food safety and veterinary products company disclosed that the Treasury Department concluded an investigation into potential sanctions violations without taking an enforcement action.

18 August 2023

OFAC found that two employees at a Dubai-based subsidiary engaged in a “big job” of reexporting US-made building materials to fulfil a shopping mall contract in Iran’s capital.

17 August 2023

Germany’s financial regulator has ordered Hamburg-based bank Varengold to stop processing certain transactions until its anti-money laundering systems meet legal requirements.

04 August 2023

A joint alert between FinCEN and the Bureau of Industry and Security signals an increased focus on the role of Iran among other third-party countries in the evasion of Russian sanctions.

03 July 2023

The company will argue that it has been unfairly prosecuted because of “an illicit animus towards Huawei specifically and Chinese companies more broadly”.

12 June 2023

OFAC also struck a rare individual settlement with a former senior executive at the Unilever-owned company over their role in the alleged violations of Iranian sanctions.

18 May 2023

The highest court in the US sent the case back to an appeals court to reconsider whether the Turkish state lender is immune from criminal charges.

20 April 2023

In a round-up of the latest sanctions developments, two businesses have pleaded guilty to conspiring to breach US sanctions against Iran, and Canada has purportedly set its sights on the assets of a sanctioned Russian airline.

19 April 2023