OFAC Fines Aviation Company $225,000 for Undisclosed Engine Sale to Iran >
FROM THE -
JOURNALS of Monte Friesner >
Financial Crime Consultant for WANTED SA >
Wednesday November 17, 2010 >
WANTED SA is pleased to post articles ** With the Compliments of Mr. Kenneth Rijock.
DIFFERENT ANGLE by Kenneth Rijock
Financial Crime Consultant, for World-Check
OFAC Fines Aviation Company $225,000 for Undisclosed Engine Sale to Iran
Always ensure that you have qualified counsel advising you when you have major OFAC issues. This week's "named & shamed" company, which appeared in the 16 November, 2010 Enforcement Information, is a Miami aircraft parts firm that "failed to provide documents responsive to an Administrative Subpoena, issued by OFAC, as part of its investigation of [company X's] February 2004 sale and delivery of a jet engine, with value in excess of $1m. The engine appears to have been destined for Iran." The fine was $225,000.
The company's outside counsel deleted an e-mail from the documents production that showed the true end user to be Iran, and the company erroneously relief upon that advice. There were also other critical documents reportedly missing, according to OFAC. Please ensure that you have adequate outside counsel assist you in all cases involving OFAC, unless you want to be featured on OFAC's Enforcement Information.
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