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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 (OFAC) today announced a settlement with SCG Plastics Co., Ltd. ("SCG Plastics"), part of a multinational enterprise headquartered in Bangkok, Thailand. SCG Plastics has agreed to pay $20,000,000 to settle its potential civil liability for 467 apparent violations of OFAC sanctions on Iran. From 2017 to 2018, SCG Plastics caused U.S. financial institutions to process $291 million in wire transfers for sales of Iranian origin polyethylene resin manufactured by a joint venture in Iran. The $20,000,000 settlement amount reflects OFAC's determination that SCG Plastics' apparent violations were egregious and, with the exception of certain transactions, were not voluntarily self-disclosed.
For more information, please visit the following web notice and settlement agreement.
For additional information on this specific action, please visit the Recent Actions Notice.
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