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January 29, 2009 

OFAC Issues January 2009 Monthly Civil Penalties Report

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

Companies - OFAC announced the following two settlements with companies:

  • Stena Bulk LLC paid $426,486.00 to settle allegations that it violated the Sudanese Sanctions Regulations. OFAC alleged that Stena Bulk facilitated trade-related transactions with Sudan on behalf of foreign entities by providing transportation related services for the transportation of oil to Sudan and the exportation of Sudanese-origin oil without an OFAC license. Stena Bulk voluntarily disclosed the matter to OFAC.
  • Vonberg Valve, Inc. remitted $11,049.50 to settle allegations that it violated the Iranian Transactions Regulations by exported goods to Iran without an OFAC license. Vonberg did not voluntarily disclose this matter but OFAC noted that the company instituted improvements to its U.S. sanctions compliance program.
Individuals - OFAC settled one case involving individuals (OFAC does not release the names of individuals involved in civil penalty cases):
  • An individual paid a civil penalty of $4,206.00 to settle allegations that the person violated the Burmese Sanctions Regulations by wiring funds in payment for goods to Burma (Myanmar), without an OFAC license.

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