OFAC Issues November Civil Penalty Report
The Treasury Department's Office of Foreign Assets Control (OFAC) today issued its November civil penalty report. The following is a summary of the settlements:
Entities:
- Iridex Corporation has remitted $7,500 to settle allegations of violations of the Sudanese Sanctions Regulations occurring between November 3, 2004, and July 7, 2005. OFAC alleged that Iridex exported goods, without a license, to an entity located in Sudan. Iridex cooperated with OFAC’s investigation and voluntarily disclosed this matter to OFAC.
- Cotech, Inc. remitted $6,000 to settle allegations of violations of the Sudanese Sanctions Regulations occurring during January 2004. OFAC alleged that Cotech attempted to facilitate the shipment of goods from Sudan to Bangladesh. Cotech did not voluntarily disclose this matter to OFAC.
- Magic USA Tours, Inc. remitted $5,250 to settle allegations of violations of the Cuban Assets Control Regulations occurring in April 2004. OFAC alleged that Magic provided travel-related services in which Cuba or Cuban nationals had an interest by arranging hotel reservations in Cuba without an OFAC license. Magic cooperated with OFAC’s investigation and has implemented corrective measures and improvements to its OFAC compliance program. Magic did not voluntarily disclose this matter to OFAC.
- International Golden Foods, Inc. paid $3,150.00 to settle allegations of violations of the Iranian Transactions Regulations. OFAC alleged that IGF attempted to import goods of Iranian origin on or about October 10, 2003, without an OFAC license. IGF did not voluntarily disclose this matter to OFAC but has instituted a U.S. sanctions compliance program.
- One individual was assessed a penalty totaling $906.31 for attempting to violate the prohibitions in the Iranian Transactions Regulations for attempting to export goods to a person located in Iran.
Labels: OFAC
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