OFAC Levies $7K Fine for Company's Attempt to Export Goods to Iran
The Treasury Department's Office of Foreign Assets Control has assessed a penalty of $7,000 on Zurigo Trading Inc. for violating the Iranian Transactions Regulations by attempting to export goods to Iran on behalf of its foreign customer.
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Company's Violation Constituted a Non-Egregious Case
In September 2006, Zurigo attempted to export goods valued at $7,168 to Iran on behalf of its foreign customer. OFAC determined that Zurigo did not voluntarily self-disclose the violation to OFAC and that the violation constituted a non-egregious case.
Reduced Penalty Was Assessed due to Certain Factors
The base penalty amount for the violation was $10,000; however, the assessed lower penalty of $7,000 reflects OFAC’s consideration of the following facts and circumstances: Zurigo had knowledge or reason to know that the goods were destined for Iran; did not have an OFAC compliance program in place at the time of the violation; has not been the subject of an OFAC enforcement action in the five years preceding the transaction at issue; and, some of the goods Zurigo attempted to ship appear to have been eligible for an OFAC license had an application been submitted to OFAC.