OFAC Settles Case with Moscow Bank Over Iran Financial Transfers
The Treasury Department’s Office of Foreign Assets Control (OFAC) settled a potential civil liability case on Jan. 27 with Joint-Stock Commercial Bank “Bank of Moscow” for $9,492,525 over alleged violations of the Weapons of Mass Destruction Proliferators Sanctions Regulations and…
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.
Executive Order 13382. OFAC said Bank of Moscow committed 69 violations of the executive order (here) aimed at freezing the assets of weapons proliferators, and did not voluntarily self-disclose the alleged violations. OFAC determined, however, the alleged violations constitute a non-egregious case. From 2008 to 2009, Bank of Moscow allegedly transferred funds to or through the U.S. on behalf of an Iran-affiliated financial institution.