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Historical Iran sanctions violations investigations continue to result in civil penalties settlements. Treasury's Office of Foreign Assets Controls (OFAC) has found that Alcon Laboratories, Inc., and its affiliates in the US and Switzerland, shipped medical surgical and pharmaceutical products to Iran and the Sudan, without OFAC authorization. The fine was mitigated down to $1,317,150.
It is noteworthy that OFAC stated that "Alcon demonstrated RECKLESS DISREGARD [emphasis added] for US sanctions requirements by having virtually no compliance program, despite significant business involving the exportation of goods from the united States to Iran and Sudan." We continually see American companies, which are really multinationals, without compliance programs, getting nailed by OFAC. When will corporate America get the message, I wonder ?
Readers who wish to review the complete text of the Enforcement Information can access it here.
It is noteworthy that OFAC stated that "Alcon demonstrated RECKLESS DISREGARD [emphasis added] for US sanctions requirements by having virtually no compliance program, despite significant business involving the exportation of goods from the united States to Iran and Sudan." We continually see American companies, which are really multinationals, without compliance programs, getting nailed by OFAC. When will corporate America get the message, I wonder ?
Readers who wish to review the complete text of the Enforcement Information can access it here.
