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December 11, 2007 

OFAC Issues Monthly Civil Penalties Report

The Treasury Department's Office of Foreign Assets Control (OFAC) today issued its monthly report of civil penalties imposed on companies and individuals for allegedly violating the sanctions regimes administered by OFAC.

OFAC's monthly report indicates that the agency settled two cases involving corporations.
The following is a summary of the settlements:

  • Chevron Corporation paid a $2 million civil penalty to OFAC as part of a $30 million multi-agency settlement of alleged violations of the Iraqi Sanctions Regulations resulting from the United Nations Oil-for-Food Program. Although Chevron took certain steps designed to prevent the purchase from third parties of Iraqi oil on which illegal surcharges demanded by the Iraqi Government had been paid, OFAC found that such procedures proved inadequate and certain payments included illegal surcharges. Further details on Chevron's $30 million Oil-for-Food Program settlement can be found here. To date, the U.S. investigation on the Oil-for-Food Program violations has produced criminal cases against 12 individuals and seven entities, of which six individuals and two entities pleaded guilty, one individual was found guilty at trial, and two entities reached agreements with the Southern District of New York. The remaining cases are pending.
  • OFAC imposed a a $2,750 civil monetary on MIC & Associates for violating the Sudanese Sanctions Regulations. OFAC alleged that MIC attempted to facilitate the exportation of goods from the Ukraine to Sudan without an OFAC license. MIC did not voluntarily disclose this matter to OFAC. A copy of OFAC’s Penalty Notice issued to MIC can be found here.




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