Companies Charged with OFAC Violations
The Bank of Guam and a California scrap metal company agreed to civil liability payments for violations of Treasury Department's Office of Foreign Asset Control, the office said Feb. 22.
Sign up for a free preview to unlock the rest of this article
Timely, relevant coverage of court proceedings and agency rulings involving tariffs, classification, valuation, origin and antidumping and countervailing duties. Each day, Trade Law Daily subscribers receive a daily headline email, in-depth PDF edition and access to all relevant documents via our trade law source document library and website.
The Bank of Guam agreed to remit $27,000 to settle potential civil liability for two apparent violations of the Iranian Transactions Regulations, OFAC said in a statement. It said that in May 2010 the bank originated a $2,265 wire transfer, destined for a trading company in the United Arab Emirates. It was a payment for delivery charges for a shipment of furniture and other items to Iran, OFAC said. Another U.S. financial institution rejected the transaction, due to a reference to Iran in the application, said OFAC. In June 2010, the same customer resubmitted the payment to Bank of Guam, after an employee there advised the customer to remove the Iran reference in their payment message, said OFAC, and that payment was successfully processed.
OFAC also said San Jose, Calif.-based Tung Tai Group agreed to pay $43,875 to settle potential civil liability for alleged violations of the Cuban Assets Control Regulations. In early August 2010, Tung Tai signed contracts to buy and sell Cuban-origin scrap metal, OFAC said.