California Company Settles Case with OFAC Over Alleged Violations of WMD Sanctions
Tofasco of America settled a civil liability case with the Treasury Department’s Office of Foreign Assets Control (OFAC) by remitting $21,375 related to an alleged violation of the Weapons of Mass Destruction Proliferators Sanctions Regulations, OFAC said on July 17.…
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 company allegedly dealt in blocked property when it used a bank to process a blocked letter of credit transaction for payment in a 2009 shipment of recreational chairs to the Islamic Republic of Iran Shipping Lines. Tofasco did not appear to have an operational OFAC compliance program at the time of the alleged violation, said OFAC.