OFAC Issues August 2009 Monthly Civil Penalties Report
The Treasury Department's Office of Foreign Assets Control (OFAC) today issued its August 2009 monthly civil penalty report.
Given the very large civil penalties announced by OFAC earlier in August on ANZ Bank and DHL this penalty report is very short.
According to the report, Thermon Manufacturing Company, a San Marcos, Texas-based manufacturer of heat tracing equipment for the petrochemical, oil and gas, engineering and power industries remitted $14,613.24 to settle allegations of violations of the Sudanese Sanctions Regulations occurring in 2004 and 2005.
OFAC alleged that Thermon engaged in and facilitated the export and/or re-export of heat tracing equipment, directly or indirectly, to Sudan in three separate transactions.
Thermon voluntarily disclosed this matter to OFAC. Thermon also reported to OFAC corrective measures and improvements to its OFAC compliance procedures it had taken in response to its discovery of the alleged violations.
This matter was resolved according to OFAC's 2003 enforcement guidelines that set the maximum penalty at $11,000 per violation. The current maximum penalty for violating OFAC's Sudanese Sanctions Regulations is $250,000 per violation.
Labels: OFAC, Sanctions; Sudan
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