"OFAC" PUBLISHES LATEST “NAME & SHAME” LIST OUTLINING CIVIL FINES!!
DIFFERENT POINT OF VIEW by Monte Friesner >
Financial Crime Consultant for WANTED SA >
Sunday October 31, 2010 >
WANTED SA has just learned that OFAC has published the latest "Name & Shame" list, detailing civil fines and penalties exacted against US companies for violations of OFAC regulations. It is generally a good indication of where US Regulators and Law Enforcement Agencies are concentrating their efforts.
Appearing on this list can result in substantial reputation damage, often causing massive client defection to your competition. Please note that we always delete the company name, and only indicate the relevant industry, as well as the relevant facts.
You can visit the OFAC website* to identify the offending companies.
This Enforcement Information was dated and published on 29 October.
Here are the civil penalties:
- A global entity attempted to transfer funds to a blocked entity in Belarus; it was not voluntarily reported to OFAC. The fine paid was US$16,875.00
- A non-profit company that is a religious charity sent goods and services to Sudan, in violation of the existing sanctions. A finding of Violation Letter was issued; no fine was levied, because a license could have been obtained, and it was a non-commercial matter.
- A gem company attempted to transfer US$220,465 to an exporter in Myanmar [Burma]. It was blocked by a US financial institution. OFAC found that the entity had relied upon "inaccurate legal guidance."
- A company exported a hydraulic hose to Sudan, in violation of sanctions. The fine, which was imposed under prior guidelines was US$1961.00
- A major foreign financial institution, with offices in New York, has agreed to pay US$229,380 for violations of Sudanese Sanctions Regulations. The violations involved the purchase of export bills and payment of Letters of Credit totaling US$15,357,720.00The bank voluntarily disclosed the matter to OFAC.
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