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You are subscribed to Civil Penalties Information and/or Office of Foreign Assets Control (OFAC) Recent Actions updates for the U.S. Department of the Treasury.
The U.S. Department of the Treasury’s Office of Foreign Assets Control
today announced a $415,350 settlement with COSL Singapore Ltd ("COSL
Singapore"), headquartered in Singapore, to settle COSL Singapore’s potential
civil liability for 55 apparent violations of the Iranian Transactions and
Sanctions Regulations, 31 C.F.R. Part 560 (ITSR). Between on or about October
7, 2011 to on or about February 20, 2013, COSL Singapore appears to have
violated §§ 560.203 and 560.204 of the ITSR when, through its subsidiary
companies, it exported or attempted to export 55 orders of oil rig supplies from
the United States to Singapore and the United Arab Emirates, and then
re-exported or attempted to re-export these supplies to four separate oil rigs
located in Iranian territorial waters. OFAC determined that COSL Singapore did
not voluntarily self-disclose the apparent violations to OFAC, and that the
apparent violations constitute a non-egregious case.
For more information on this action, please visit the following web notice.
New information on OFAC Civil Penalties and Informal Settlements is now available. |
