OFAC Fines Aviation Company $225,000 for Undisclosed Engine Sale to Iran

OFAC Fines Aviation Company $225,000 for Undisclosed Engine Sale to Iran

User Rating: 1 / 5

Star ActiveStar InactiveStar InactiveStar InactiveStar Inactive
 

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. 

*******

FROM A
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.

***   The facts and opinions stated in this article are those of the author and not those of World-Check. World-Check does not warrant the accuracy of any facts and opinions stated in this article, does not endorse them, and accepts no responsibility for them.

WANTED SA thanks Kenneth Rijock and all the parties, law enforcement and securities forces who have contributed to this article and their sincere opinions and statements.

WANTED SA states that the facts and opinions stated in this article are those of the author and not those of WANTED SA. We do not warrant the accuracy of any of the facts and opinions stated in this article nor do we endorse them or accept any form of responsibility for the articles.